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Скворчевський, Олександр Євгенович, and Аліса Юріївна Івченко. "Кількісний аналіз взаємозв'язків між простроченою заборгованістю банку і кредитами суб'єктам господарювання та фізичним особам." Thesis, НТУ "ХПІ", 2013. http://repository.kpi.kharkov.ua/handle/KhPI-Press/28262.
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Мухамедьянова, М. А., and M. A. Mukhamedyanova. "Совершенствование ипотечного кредитования на примере ПАО «СКБ-банк» : магистерская диссертация." Master's thesis, б. и, 2021. http://hdl.handle.net/10995/99982.
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Магистерская диссертация посвящена вопросам совершенствования ипотечного кредитования. Целью исследования является выявление проблем ипотечного кредитования в России и поиск возможностей для совершенствования ипотечных продуктов. Также в работе проведен обзор ипотечных программ ряда банков и представлен корреляционно-регрессионный анализ зависимости показателей ипотечного рынка от социально-экономических факторов. В качестве научной новизны предложено и обосновано внедрение ипотечного продукта с комбинированным методом уплаты процентов, который позволяет повысить привлекательность ипотечного кредитования для граждан.The master's thesis is devoted to the improvement of mortgage lending. The purpose of the study is to identify the problems of mortgage lending in Russia and to search for opportunities to improve mortgage products. The paper also reviews mortgage programs of a number of banks and presents a correlation and regression analysis of the dependence of mortgage market indicators on socio-economic factors. As a scientific novelty, the introduction of effective mortgage product with a combined method of paying interest is proposed and justified.
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Lazopoulos, Ioannis. "Debt contracts, bank runs and cycles." Thesis, Keele University, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.431380.
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Borges, Pedro Raposo. "Bank performance during the european debt crisis." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10378.
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Mestrado em FinançasO presente trabalho, tem como objetivo principal a análise de performance de 353 bancos, de 17 países da zona euro, para o período de 2005 a 2010. A análise é feita através da aplicação do método do Data Envelopment Analysis (DEA) sobre dados financeiros de demonstrações financeiras, e os resultados da mesma sujeitos a uma regressão para determinar possíveis determinantes de performance. Este estudo sugere que a performance foi constante para a amostra selecionada e aponta como principais determinantes da performance o tamanho e a localização dos bancos.
The present work analyses the performance of 353 banks, from 17 countries of the euro zone, for the period of 2005 to 2010. The analysis is made through the application of Data Envelopment Analysis method (DEA) upon financial data from financial reports, and the results are then subject to a regression analysis to determine possible efficiency determinants. The results suggest that performance was somewhat constant across the sample firms and points out the main determinants of efficiency being the bank size and location.
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Ziemer, Wolfgang. "Effects of bank debt relationships on corporate performance." Thesis, University of Surrey, 2015. http://epubs.surrey.ac.uk/808152/.
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‘Effects of bank debt relationships on corporate performance’ is an empirical survey based on a unique recent dataset regarding German manufacturing firms for the years 2003–2010. It seeks to understand the opportunities for German banks to offer services solely linked to information generated within loan-monitoring processes, relaxing the common assumption that banks are informationally disadvantaged because credit mar-kets do not perfectly equalize in prices but in the bank-optimal rate; the existence of red-lining and rationing demonstrates credit markets’ informational imperfection. The flow of information in credit markets is basically one way, and banks improve their abilities to distinguish borrowers to prevent related losses. Therefore, they are able to generate new information that is then used for further borrower evaluation. This newly generated information is assumed to be superior to borrowers’ knowledge, and borrowers might recognize and anticipate this information. Therefore, the informa-tional chain evolves into the proposed theory of the customer-improving loan-monitoring cycle. It is assumed to be true if borrowers with bank debt show better results than borrowers without. Related hypotheses regarding corporate performance preferably are tested by using return on equity. Additionally, net operating margin, net interest, and return on investment are checked for their patterns. They are supplemented by sus-tainability tests regarding the equity-to-debt ratio and the distance-to-default point to evaluate whether positive effects are based on chance or opportunistic behaviour. All performance hypotheses are rejected. Therefore, the proposed theory does not find support from the evidence, and banks’ informational disadvantage remains – even if their borrower evaluation is actually more detailed than before. Accordingly, the survey shows that loan monitoring does not offer informational links to generate new products or services, and banks remain limited to their already applied approaches. German cor-porate performance is basically convexly associated with firm size, and firm perform-ance clearly differs depending on firms’ riskiness. However, risky firms’ results are superior if they report bank debt because banks’ related monitoring generates moderat-ing effects. Thus, particularly risky firms are suggested to use bank debt.
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Sy, Amadou Nicolas Racine. "Essays in debt covenants." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape10/PQDD_0018/NQ44604.pdf.
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Meneghetti, Costanza. "Managerial incentives and the choice between public and bank debt." unrestricted, 2008. http://etd.gsu.edu/theses/available/etd-08132008-140059/.
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Thesis (Ph. D.)--Georgia State University, 2008.Title from file title page. Jayant Kale, committee chair; Omesh Kini, Harley E. Ryan, Anastasia V. Kartasheva, committee members. Electronic text (77 p.) : digital, PDF file. Description based on contents viewed Oct. 8, 2008. Includes bibliographical references (p. 47-49).
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Nguyen, Tu Cam. "The Disciplinary Effect of Subordinated Debt on Bank Risk Taking." Thesis, University of Oregon, 2011. http://hdl.handle.net/1794/11983.
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x, 99 p.Using data for publicly listed commercial banks and bank holding companies around the world, I investigate the market discipline effect of subordinated debt on banking firm risk taking in the period 2002-2008. In addition, I examine whether this effect depends on national bank regulations and legal and institutional conditions. I provide evidence that subordinated debt has a mitigating effect on banking firm risk taking. Further, the results suggest a threshold level of national bank regulations and economic development above which subordinated debt mitigates risk taking. Overall, the evidence supports the efficacy of proposals calling for increased use of subordinated debt in banking firms.
Committee in charge: Wayne Mikkelson, Chairperson; Ekkehart Boehmer, Member; Diane Del Guercio, Member; Wesley Wilson, Outside Member
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Setshegetso, Leonard Nnete. "The priority structure of bank regulatory capital : the case of subordinated debt." Thesis, University of Leeds, 2018. http://etheses.whiterose.ac.uk/21941/.
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The aftermath of a crisis often brings reflections on the adequacy of regulatory capital against financial shocks. Accordingly, succeeding regulatory interventions focus on strengthening the resilience of the banking system by improving the quality and quantity of capital, and subordinated debt (sub-debt) remains key to these reforms. Whether, however, the regulatory motive underpins the decision of banks to issue sub-debt is unclear. Moreover, the perceptions of shareholders on the regulatory function of sub-debt are less understood. This thesis attempts to answer these questions by first reviewing other roles of sub-debt then testing if regulation drives its issuance and finally revealing shareholder incentives that weaken its regulatory function. Contrasting capital requirement motives with other explanations, and accounting for equity issuance, we find that banks issue sub-debt primarily to improve their regulatory capital buffer. While a few non-regulatory factors, related to easier entry conditions to debt market, influence the issuance decision, their economic impact is smaller than the impact of the buffer. By exploring how variations in tail risk and size influence the sub-debt and equity issuance decisions by banks with low buffers, we show that issuance choices do not reflect risk-shifting incentives. Next, we review shareholders’ perceptions of the regulatory value of sub-debt vis-a-vis the risk-shifting and wealth-expropriation incentives associated with senior debt by comparing the reaction of stocks to these security announcements. We find that senior debt incentives are more valuable than the regulatory benefit of sub-debt. Contrary to regulatory expectations, announcement of sub-debt (capital-improving) offers are valueless even when undertaken by risky or less-capitalized banks; rather, senior debt offered by these vulnerable banks generate significant shareholder value. Pursuant to these risk-shifting motives, senior debt issuers get riskier post-issuance. These findings suggest that the broader debt priority structure harbours perverse incentives that dilute the regulatory effectiveness of sub-debt.
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Miyakawa, Daisuke. "Essays on corporate finance and banking." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1779835321&sid=6&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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Al, Zein Eza Ghassan. "Capital controls and external debt term structure." Texas A&M University, 2005. http://hdl.handle.net/1969.1/2556.
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In my dissertation, I explore the relationship between capital controls and the choice
of the maturity structure of external debt in a general equilibrium setup, incorporating
explicitly the role of international lenders. I look at specific types of capital controls
which take the form of date-specific and maturity-specific reserve requirements on
external borrowing. I consider two questions: How is the maturity structure of external
debt determined in a world general equilibrium? What are the effects of date- and
maturity-specific reserve requirements on the maturity structure of external debt? Can
they prevent a bank run?
I develop a simple Diamond-Dybvig-type model with three dates. In the low income
countries, banks arise endogenously. There are two short-term bonds and one long-term
bond offered by the domestic banks to international lenders. First I look at a simple
model were international lending is modeled exogenously. I consider explicitly the
maturity composition of capital inflows to a domestic economy. I show that the holdings
of both short-term bonds are not differentiated according to date.
Second, I consider international lending behavior explicitly. The world consists of
two large open economies: one with high income and one with low income. The high income countries lend to low income countries. There exist multiple equilibria and some
are characterized by relative price indeterminacy.
Third, I discuss date-specific and maturity- specific reserve requirements. In my
setup reserve requirements play the role of a tax and the role of providing liquidity for
each bond at different dates. I show that they reduce the scope of indeterminacy. In some
equilibria, I identify a case in which the reserve requirement rate on the long-term debt
must be higher than that on the short-term debt for a tilt towards a longer maturity
structure.
Fourth, I introduce the possibility of an unexpected bank run. I show that some
specific combination of date-and maturity-specific reserve requirements reduce the
vulnerability to bank runs. With regard to the post-bank-run role of international lenders,
I show that international lenders may still want to provide new short-term lending to the
bank after the occurrence of a bank run.
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Srivastav, Abhishek. "CEO inside debt and risk-taking in US banks : evidence from three bank policies." Thesis, University of Edinburgh, 2015. http://hdl.handle.net/1842/11765.
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Widespread losses during the recent financial crisis have raised concerns that equitybased CEO compensation (stocks and stock options) causes risky bank policies. This has led to the need to understand whether CEO pay can be re-structured such that it dampens risk-taking incentives. Against this background, this thesis analyses if debtbased compensation (also known as inside debt and consisting of pension benefits and deferred compensation) motivates CEOs to pursue risk-reducing bank policies. Over three decades of research into executive compensation has not explored the impact of inside debt, primarily due to lack of detailed data on inside debt which only became available after 2006 in the United States (US). The paucity of empirical work on inside debt is particularly unfortunate, given that the value of inside debt is often substantial. This dissertation provides one of the first empirical investigations into the impact of inside debt on bank risk-taking by determining whether CEO inside debt leads to less risky behaviour, through three policy decisions that are capable of increasing the overall risk of the bank. First, this thesis focuses on the payout policies of banks. Bank payouts divert cash to shareholders, while leaving behind riskier and less liquid assets to repay creditors in the future. Payouts, thus, constitute a type of risk-taking that benefits shareholders at the expense of creditors. The results presented in this thesis indicate that higher inside debt results in more conservative bank payout policies. Specifically, CEOs paid with more inside debt are more likely to cut payouts and to cut payouts by a larger amount. Reductions in payouts occur through a decrease in both dividends and repurchases. The results also hold over a sub-sample of banks which received government support in the form of the Troubled Asset Relief Program (TARP) where the link between risk-taking and payouts is of particular relevance because it involves wealth transfers from the taxpayer to shareholders. Second, this thesis tests the impact of inside debt on the risk implications of bank acquisitions. Bank acquisitions are large scale investment decisions that can affect bank risk. To this end, this thesis shows that higher inside debt holdings motivate CEOs to pursue acquisitions that result in lower bank default risk. It also prevents CEOs from using acquisitions to shift risk to the financial safety-net. Since the safety net is underwritten by the taxpayer, the results show that CEO inside debt has a measurable impact on the subsidy which bank shareholders obtain from taxpayers. Third, the thesis shows that inside debt plays a critical role in influencing bank capital holdings. Higher equity capital provides creditors with a larger loss-absorbing equity buffer to protect the value of their claims on bank cash flows. Ceteris paribus, higher equity protects creditors from losses. To this end, this thesis shows that higher inside debt results in motivating banks to hold higher capital, whether defined using regulatory or economic terms. Higher inside debt also results in reducing the estimated value of the taxpayer losses. Furthermore, banks with higher inside debt are at a lower risk of facing capital shortfalls. Taken together, the study provides insights on how incentives stemming from inside debt impact bank policies in a manner that protects creditor interests. Inside debt can help in addressing excessive risk-taking concerns by aligning the interests of CEOs with those of creditors, regulators, and the taxpayer. This thesis makes a novel contribution to the banking literature by providing evidence on the implications of inside debt in the US banking industry. This work should be interpreted as part of a wider body of research which demonstrates that inside debt matters for bank risk-taking and that this role of inside debt should be recognized more widely in ongoing discussions on compensation incentives in banking.
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Hamalainen, Paul. "Assessing market discipline in UK credit institutions : subordinated debt holders as signallers of bank risk." Thesis, Loughborough University, 2007. https://dspace.lboro.ac.uk/2134/8057.
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The thesis examines subordinated debt holder market discipline in UK credit institutions during the period 1995 to 2002. The topic is relevant as current research is questioning the role and effectiveness of rules-based bank regulatory oversight, and favouring, instead, incentive-compatible regulatory design and market discipline. In particular, the literature proposes using signals from subordinated debt holders to constrain bank risk-taking. In addition, this market oversight may provide information signals to regulatory agencies that are useful in improving bank regulatory design. The thesis researches two prominent issues related to subordinated debt holder market discipline and, therefore, contributes to the debate in introducing incentive-compatible polices in bank regulatory design. First, testing the risk sensitivity of UK credit institution subordinated debt spreads assesses whether investors are signalling bank risk in market prices. The UK evidence supports the theoretical literature in claiming that eliminating too-big-to-fail policies can encourage effective incentive-based mechanisms. Secondly, the research examines the appropriateness of introducing a mandatory subordinated debt policy in the UK. The empirical analysis raises a number of themes, many of which are in stark contrast to US and other European banks' subordinated debt characteristics. The conclusion is that the regular issuance of subordinated debt should be the overriding policy tool to signal and constrain bank risk-taking (i.e. direct discipline). Extending the policy to include indirect market discipline through a standardised mandatory subordinated debt requirement would impose substantial costs and should not be implemented.
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Caliskan, Ahmet. "International financial crises, term structure of foreign debt and monetary policy in open economies." Diss., Texas A&M University, 2005. http://hdl.handle.net/1969.1/3756.
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In this dissertation, I study international financial crises. For this purpose, I build two models. In the first model, I focus on financial crises in developing, large open economies where foreign debt with various maturities and issue dates is available. The objective is to measure the vulnerability of the domestic financial system to domestically triggered bank runs and externally triggered sudden stops. The main contribution of this model is that both types of crises are treated as rational responses of domestic depositors and international creditors. Such vulnerability measures are linked to fundamentals and equilibrium term structure of foreign debt. Banks vulnerability to runs increases if they hold a relatively shorter term debt. Also, a larger cost of liquidating the long-term investment before maturity makes the banks more fragile. In the next step, given a domestic banking crisis, I allow international creditors to decide whether they want to stop lending to domestic banks (in which case a Âsudden stop takes place) or not. A sudden stop is more likely if (i) creditors highly discount future consumption, (ii) creditors current income is small relative to their future income, and (iii) the cost of liquidating the long-term investment before maturity is small. In the second model, I investigate the merits of alternative monetary policies with respect to financial fragility. In this monetary model of an explicit financial system, I motivate the demand for two fiat currencies by spatial separation and limited communication of agents. There is a domestic and a foreign currency freely traded without restrictions. I analyze the policy of a constant growth rate of domestic money supply with a floating exchange rate regime. Both currencies are held in positive amounts at the steady-state only if the growth rate of domestic money supply is equal to the world inflation rate (WIR). If the former rate is larger than the WIR, domestic currency is not held at the steady-state. Also, total real money balances held is negatively related with WIR. Finally, monetary policy in the form of a constant growth rate of domestic money supply is neutral with respect to welfare.
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Rosas, Francisco Flores. "The build-up of Mexico's external public debt, 1976-82 : context, management, and crisis." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389828.
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Манжос, С. Б., and Т. Ю. Педяш. "Аспекти управління проблемною заборгованістю банку в сучасних умовах." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63370.
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Battikha, Anne-Marie. "Structural Adjustment and the Environment: Impacts of the World Bank and IMF Conditional Loans on Developing Countries." Virginia Tech, 2002. http://hdl.handle.net/10919/37092.
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IMF and World Bank Structural Adjustment Programs (SAPs) include conditional loans granted to developing countries to help them repay their debts while requiring them to undergo specific economic and political reforms. The most common SAP measures include the devaluation of currency, the reduction of public sector size and activities, the removal of subsidies, and the liberalization of trade. While the social impacts of these policies have already been acknowledged and to some degree mitigated, this paper examines their environmental impacts. The various impacts of structural adjustment on the environment are discussed in the framework of four main aspects of SAPs: export promotion, trade liberalization, the shrinking of the state, and increased poverty.
This paper argues that the macroeconomic policies promoted by structural adjustment have several direct and indirect impacts on the environment of borrowing countries. Further, without careful consideration of the environmental impacts, degradation is often the result. However, the fundamentally different perspectives and values on debt and development used by the IMF and World Bank and their critics may explain the differences in their conclusions on adjustment. As the IMF and the World Bank are currently experiencing a shift in the way they interact with borrowing countries to emphasize poverty reduction and country ownership of policies, it is possible that this will allow for more systematic and integrated approaches to addressing debt as well as long-term development. In order to minimize unintended harm to the natural resource base of these countries, economic, social and environmental issues should be addressed together.
Master of Urban and Regional Planning
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Živanský, Jakub. "Zahraniční hypoteční zástavní listy jako zdroj financování českých bank." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-203897.
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This Diploma Thesis describes foreign mortgage covered bonds which can be issued by Czech banks under English law on foreign regulated markets after the amendment to the Czech Act No. 190/2004 Coll., the Bonds Act, as amended took effect in 2012. The Diploma Thesis outlines basic characteristics of foreign mortgage covered bonds, lists reasons for their issuance, and compares them with certain alternative sources of funding for banks. The Diploma Thesis describes the structure of programme and issuance documentation used in the international capital markets. The author points out certain regulatory deficiencies existing under Czech law and proposes amendments in support of the international investment attractiveness of foreign mortgage covered bonds of Czech banks. The Diploma Thesis also analyses selected issuances of foreign mortgage covered bonds by Czech banks.
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Mühlbauer, Klaus. "Adäquate Mitwirkung der Banken am polnischen Entschuldungsprogramm /." Baden-Baden : Nomos, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009649753&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Silvestrini, André Dressano. "Securitização da dívida rural brasileira: o caso do Banco do Brasil." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/11/11132/tde-02082010-153630/.
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No começo da década de 1990, os produtores rurais encontravam-se endividados e não teriam conseguido pagar seus financiamentos se não tivesse havido a renegociação desses débitos, denominada securitização de dívidas rurais. O Banco do Brasil sofreu impactos negativos nos seus resultados ocasionados pela inadimplência dos produtores, principalmente por ser a instituição mais importante em termos de crédito rural. Após um longo processo de negociações, foi aprovada a Lei n. 9.138, de 1995, que deu início ao processo de securitização das dívidas. A partir da interpretação das leis sobre a securitização e da análise dos dados contidos no relatório de informação do Banco do Brasil, fez-se uma análise detalhada sobre o comportamento econômico-financeiro dessa instituição e constatou-se que a securitização foi essencial para o Banco reverter seus prejuízos em lucros.At the beginning of the 1990s, rural producers were indebted and would not have been able to pay their financing if there had not been the renegotiation of those loans, called securitization of rural debts. The Bank of Brazil suffered negative impacts on its balance sheet caused by the default of the producers, mainly for being the most important institution in terms of rural credit. After a long negotiation process, the 9,138 Law of 1995 was approved, initiating the process of securitization of debts. Based on the interpretation of the laws about securitization and on the analysis of the data from the information report of the Bank of Brazil, a detailed analysis was made on the economic and financial behavior of that institution and it was concluded that the securitization was essential for the bank to reverse its losses into profits.
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Dlamini, Zanele F. "Examining the factors impacting small and medium enterprises (SMEs) in accessing development debt finance in the kingdom of Eswatini." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/32650.
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SMEs are conduits for the transformation of economies because they act as catalysts for private sector development. However, they face several constraints to accessing finances for their growth and development. Hence, by using a secondary dataset from the Central Bank of Eswatini that comprises 1,390 loan applicants, an empirical analysis was done using a binary logistic regression analysis to assess credit rationing factors preventing SMEs in the Kingdom of Eswatini to access DFIs loans for their growth and development. Thus, the objectives of the study are to examine the relationships between credit rationing factors and their effects on accessing DFI loans in the Kingdom of Eswatini. Descriptive analysis provided an explanation as to how these factors influence the financing of SMEs in the Kingdom of Eswatini. Pearson's correlation coefficient was, therefore, employed to determine the relationships between credit rationing factors and binary logistic regression analysis to examine the effect of these factors on DFIs loans accessibility. This method was used to determine the strength of the relationship between loan access and credit rationing factors. The findings show that the age of SMEs and loan amounts are some of the major negative factors impacting access to DFIs loans in the Kingdom of Eswatini. A mature SME is less constrained to access DFIs loan compared to start-ups and growing SMEs. Furthermore, SMEs that apply for sustainable loans are less constrained to access DFIs loans than those that apply for unsustainable and very high amounts. It is, therefore, concluded that DFIs in the Kingdom of Eswatini apply credit rationing in dispersing loans to SMEs. DFIs should link their loan amount to demands and to the period of existence, as only well established and matured SMEs have an added advantage in accessing DFIs loans. For these reasons, it is recommended that economic policy makers should devise loan access policies that suit start-ups and growing SME for their conducive development and growth. This policy is vital because SMEs have a pivotal role to play in the overall economic growth of the Kingdom of Eswatini.
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Fastenrath, Florian [Verfasser], Christine [Gutachter] Trampusch, and Martin [Gutachter] Höpner. "The Political Economy of the State-Finance Nexus: Public Debt, Crisis and Bank Business Models / Florian Fastenrath ; Gutachter: Christine Trampusch, Martin Höpner." Köln : Universitäts- und Stadtbibliothek Köln, 2019. http://d-nb.info/1193649412/34.
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Achsanta, Aldy Fariz. "Essays on related party transactions, ownership structure and bank lending." Thesis, Limoges, 2021. http://www.theses.fr/2021LIMO0016.
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La thèse a pour objectif d’examiner la nature des informations fournies sur les transactions liées dans le cadre des normes comptables internationales IAS 24. Dans le chapitre 1, nous étudions si les actionnaires des banques d’Etat anticipent qu’il existe un risque d’expropriation, risque qu’ils sont prêts à accepter si un soutien de l’Etat est apporté en cas de difficultés financières. Nous travaillons pour cela sur des données de banques et de firmes emprunteuses indonésiennes dans la mesure où il y a une forte présence des banques d’Etat en Indonésie et que le risque d’expropriation est institutionnellement élevé. Nos résultats mettent en évidence que les actionnaires des banques d’Etat anticipent effectivement qu’il y a un risque qu’ils soient expropriés, mais qu’ils acceptent ce risque en échange du soutien que l’Etat apportera à la banque en cas de risque de défaut. Ce résultat est encore plus renforcé si la firme qui a emprunté est elle aussi une firme dont l’actionnaire le plus important est l’Etat. Dans le chapitre 2, nous étudions comment les créanciers tarifient le risque lié aux transactions liées effectuées par un emprunteur. Nous utilisons pour cela des données de crédit sur les opérations de syndicationen Asie et des données collectées dans les rapports annuels sur les transactions liées(RPTs)des firmes emprunteuses qui nous permettent de différencier les transactions relevant d’un comportement d’expropriation(detrimentalRPTs)de celles relevant d’un soutien financier(beneficialRPTs). Nous nous concentrons sur les firmes asiatiques qui présentent pour la plupart une structure de l’actionnariat pyramidal avec un fort risque d’expropriation, mais également la possibilité de bénéficier d’un soutien financier du groupe en cas de difficultés financières. Notre étude empirique met en évidence que les créanciers exigent un taux de crédit plus élevé pour les emprunteurs ayant un niveau plus élevé de detrimentalRPTs, ainsi que pour les firmes ayant un niveau plus élevé de beneficialRPTs. Ce dernier résultat, qui peut paraître contre intuitif, suggère que les créanciers anticipent qu’un soutien apporté aujourd’hui par les actionnaires ultimes peut être fait pour ménager la possibilité de mieux exproprier demain. Le troisième chapitre vient compléter ce travail en étudiant si les créanciers structurent différemment le syndicat en fonction de l’importance des transactions liées (detrimental ou beneficialRPTs).Nos résultats montrent qu’il y a un plus grand nombre de prêteurs dans le syndicat si l’emprunteur a un niveau plus élevé de detrimentalRPTs, alors qu’on observe au contraire la présence d’un moins grand nombre de prêteurs si les beneficialRPTssont plus élevées. Ces résultats suggèrent que les créanciers ajustent la structure du syndicat en fonction du risque d’expropriationThis thesis aims to provide an answer to the question what information conveyed by the disclosure of related party transaction under IAS 24. In the first chapter we investigate whether shareholders rationally anticipate expropriation but are willing to accept it in exchange for higher expectations ofgreater stability andgovernmentsupport during financial distress. We focus our empirical research on this chapter on Indonesia where the legal institution is widely considered as a weak. We findthat shareholders of government bank indeed rationally expect being expropriated but are willing to accept this in exchange for specific government support in the case of financial distress. This reaction is consistent if the borrowing firms is also government owned. In the second chapter we take a different perspective by investigating how the creditor perceived the information conveyed in the related party transactions in the syndicated loan market and set the price base on the information. We extent ouranalysis by taking into account both detrimental and beneficial RPT and focus our analysis on East Asian firms where the pyramidal ownership exists. Our finding shows that creditor set a higher price for borrower with high detrimental and beneficial RPT indicating that even though receiving propping can be beneficial, it may preserve a future option for the ultimate owner to expropriate the firms. Third chapter compliments the analysis by looking into how creditor set the syndicated loan structure based on the information of detrimental and beneficial RPT from the borrowing firms. The finding shows that there is a less concentration of syndicated structure if the borrower has high level of detrimental RPT while high concentration of syndicated structure ifthe borrower has high level of beneficial RPT. This indicates that creditor adjust the structure to be able to perform extensive monitoring and due diligence when the borrower is prone to expropriation. Our findings therefore provide an evidence that RPT disclosure under IAS 24 is valuable to determine the risk of expropriation that the firms face and to understand the nature of expropriation. Therefore, our evidences support the decision from regulators to limit related party transactions and to improve the transparency on RPT disclosure in order to improve the protection for investors and creditors
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Ater, Brandon Dean. "Does Country-Specific Globalization Impact Private Loan Contracts?" Diss., Virginia Tech, 2015. http://hdl.handle.net/10919/73142.
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In this study I investigate the impact that operating in specific foreign countries has on the bank loan contracts of multinational companies. While previous research has shown that increased firm globalization leads to a lower cost of bank debt, I find that this relationship is attenuated when firms operate in countries with certain institutional attributes. Using income levels, creditor rights, and property rights as institutional indices, I test the association of country-level factors with the priced and non-priced components of bank loan contracts. I find that globalized firms operating in low income countries, countries with weak creditor rights, or countries with weak property rights do not receive the same positive debt contracting features as do firms operating in high income countries, countries with strong creditor rights, or countries with strong property rights.Ph. D.
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Lichková, Iveta. "Pohledávky po splatnosti - účetní a daňová legislativa." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-206028.
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The subject of this thesis is the issue of overdue receivables and their reflection in accounting according to accounting and tax legislation valid in the Czech Republic. First it discusses debt collection and related costs. Then it maps the rules for recognition of impairment loss on receivables in the accounts through allowances and write-offs, also from the perspective of international financial reporting standards and in terms of tax optimization. The main part of the work is an analysis of overdue debts and formed allowances in the years 2004 to 2014 in nine selected leasing companies operating on the Czech market, focusing on the influence of the financial crisis of 2008 and 2009.
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Benabdelmoula, Faiza. "Les déterminants d’octroi de crédits bancaires aux entreprises : étude comparative entre la banque Conventionnelle et la banque Islamique." Thesis, Université Côte d'Azur (ComUE), 2017. http://www.theses.fr/2017AZUR0030/document.
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Les banques islamiques sont complètement différentes des banques conventionnelles. Elles sont pilotées par les principes de la finance islamique. Lors de la prise de décision pour accorder un crédit, les banques islamiques utilisent des outils et des méthodes spécifiques différents de ceux qui sont utilisés dans les banques conventionnelles. Le processus de décision d’octroi de crédit aux entreprises est complexe dans les deux types de banques. Cette thèse cherche à comprendre ce processus et à comparer les déterminants d’endettement dans les deux catégories de banques dans la mesure où elles n’évaluent pas l’entreprise selon les mêmes critères. Par exemple, le partage du risque, qui est une caractéristique du fonctionnement de la banque Islamique, implique la garantie d’une bonne rentabilité des projets financés. Ainsi, nous avons présenté l’état de l’art des deux types de financement pour mieux comprendre les différences de fonctionnement. Les théories qui ont été sollicitées sont la théorie de Trade Off et la théorie de Pecking Order. La régression sur données de panel confirme que les déterminants d’octroi d’un crédit aux entreprises diffèrent selon la banque. Cette différence est due aux principes spécifiques des banques islamiquesIslamic Banks are thoroughly different from Conventional Banks. They are led by Islamic Finance principles. Indeed, during the decision-making process regarding a loan application from a company, Islamic Banks use their own tools and specific methods. Nevertheless, the two decision-making processes are highly complex. Thus, the aim of our research is to understand the different processes and compare the debt determinants for each kind of bank in so far as they don’t use the same criteria to estimate a company. For example, the risk-sharing, which is one of the features of the Islamic Bank, implies the guarantee of a good Return On Investment. In order to bring some answers relative to the two kind of financing, we exposed the state of the art. We notably mobilized two theories: The Trade Off Theory and the Pecking Order Theory. The regression in panel data confirmed that the Islamic Bank and the Conventional Bank don’t lean on the same determinants in their decision-making process. The specific principles of the Islamic Bank explain this difference
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Ahrens, Stefanie [Verfasser], Christoph [Akademischer Betreuer] [Gutachter] Kaserer, and Jürgen [Gutachter] Ernstberger. "Three Essays on Asymmetric Information, Bank Regulation, and the Optimal Structure of Corporate Debt / Stefanie Ahrens. Betreuer: Christoph Kaserer. Gutachter: Christoph Kaserer ; Jürgen Ernstberger." München : Universitätsbibliothek der TU München, 2016. http://d-nb.info/1111038953/34.
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Berkefeld, Markus Till [Verfasser], and Frank C. [Akademischer Betreuer] Englmann. "Bank credit, inside money, and debt deflation in a continuous-time macro finance model with heterogeneous agents / Markus Till Berkefeld ; Betreuer: Frank C. Englmann." Stuttgart : Universitätsbibliothek der Universität Stuttgart, 2019. http://d-nb.info/1206184043/34.
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Trabelsi-El, Gharbi Myriam. "Le choix de la source de dettes par les grandes firmes : le cas français." Thesis, Orléans, 2009. http://www.theses.fr/2009ORLE0501/document.
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En dépit des réformes visant à faciliter l’accès aux marchés, les grandes firmes françaises s’endettent en majeure partie auprès des banques. Cette thèse tente donc de comprendre les décisions d’endettement des entreprises, et plus particulièrement leur choix entre dettes directes et/ou indirectes. Ce choix a un impact sur la valeur boursière à court terme des grandes sociétés françaises. En effet, les résultats de l’étude d’événements indiquent que le marché réagit positivement aux annonces d’emprunts bancaires, mais ne réagit pas aux annonces d’emprunts obligataires. L’effet de signal positif est d’autant plus important lorsque les annonces concernent le renouvellement de dettes bancaires, des échéances relativement courtes et des emprunts bancaires syndiqués. La structure d’endettement des grandes firmes dépend en fait de certaines de leurs caractéristiques. Ce sont essentiellement les plus grandes sociétés françaises, celles qui bénéficient d’une certaine notoriété, qui ont le plus de chance d’émettre des emprunts directs. Toutefois, un certain nombre d’entre-elles tirent avantage de leur envergure pour accéder à la dette de marché, alors qu’elles présentent un risque de crédit relativement élevé. Ces firmes continuent donc à se financer en majeure partie auprès des banques afin de bénéficier d’une plus grande flexibilité. Par ailleurs, les entreprises innovantes optent pour une structure d’endettement mixte, qui leur permet de choisir leur source de dette en fonction de la confidentialité des projets à financer. Les variables de gouvernance jouent également un rôle dans les choix d’endettement des firmes. Au final, les deux types de dettes sont plus complémentaires que substitutsIn spite of public market deregulation in the 1980s, large French companies continue borrowing predominantly from commercial banks. To understand corporate debt decisions, this thesis examines the choice between arm’s-length debt obtained in public market and/or monitored debt supplied by banks. This choice has an impact on firms’ common stock prices. Bank loan announcements convey information to the capital market and generate positive share price effects, while bond debt announcements do not. Market reaction is even more important when announcements are related to bank credit renewals, to shorter maturities and to syndicated loans. In fact, corporate debt ownership structure depends on several firm characteristics. Results indicate that largest and oldest firms are most likely to issue public debts. However, some of them draw advantage from their scale to reach bond markets, whereas they have a relatively high credit risk. These firms continue borrowing from banks to benefit by a greater flexibility. Moreover, firms with sensitive information have a mixed structure of debt, since they choose their debt source according to the confidentiality of the projects to be financed. Corporate governance variables also play a part in the corporate debt choices. Finally, the two types of debts are more complementary than substitute
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Abbas, Syed Mohammad Ali. "From foreign aid to domestic debt : essays on government financing in developing economies." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:95219b5a-4e24-4190-b5e3-95fb3d0b2425.
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The first essay [“Twin Deficits and Free Lunches: Macroeconomic Outcomes In Anticipation of Foreign Aid”] concerns itself with situations in which private agents anticipate a future windfall (free lunch) that will help service the debt resulting from a present fiscal expansion (implemented via a temporary tax cut). Such expectations of a windfall can arise in the context of natural resource discoveries or, more interestingly, due to perceptions by agents in “too important to fail” countries that will be bailed out through higher foreign aid or debt relief. We employ an overlapping generations model featuring credit constraints to study the real effects of such free lunch expectations in a small open economy, drawing contrasts with the standard tax and money finance closure rules. The model is solved analytically and shows that anticipated aid is equivalent to current aid when agents have perfect foresight, so that a temporary tax cut is seen as permanent. Accordingly, agents raise their consumption and indebtedness (at the expense of future generations) by an amount that is an increasing function of their “impatience” (subjective rates of time preference plus probability of death). A worsening of the current account obtains (twin deficits) across a range of plausible closure rules, including those featuring money finance. The introduction of credit constrained households (we study the variant where myopic agents spend their current disposable incomes) does not alter the basic result in the case of full aid finance, but does matter for mixed tax-aid regimes, in more complex settings where agent expectations and donor promises on aid diverge, and when governments face borrowing constraints so that the timing of aid delivery matters. The second essay [“The Role of Domestic Debt in Economic Growth: An Empirical Investigation For Developing Economies”] focuses on the remaining source of government financing, i.e. domestic debt, and the role it can play in mobilizing private savings, facilitating credit intermediation in higher risk settings (i.e. serving a “collateral” function on bank balance sheets), developing financial markets and supporting economic growth in general. To investigate this question empirically, we set up a new domestic debt database covering about 100 developing economies, going back three decades to 1975; explore Granger causality links between domestic debt and key macroeconomic and institutional variables; and estimate the growth impact of domestic debt using panel regressions, allowing for non-linear effects. Domestic debt, as a share of GDP is found to exert a significant positive impact on economic growth, with potential channels including domestic savings mobilization, provision of risk-insurance on banks’ balance sheets; and greater institutional accountability of the state to its citizens. Although this result countervails more established arguments against domestic debt (i.e. that it leads to crowding out and banks to become lazy), there is some evidence that above a ratio of 35 percent of bank deposits, domestic debt does begin to undermine economic growth. The growth payoff also depends on debt quality, with higher payoffs observed for positive interest-rate bearing marketable debt issued to nonbank sectors. The third and final essay [“Why Do Banks in Developing Economies Hold Domestic Government Securities?”] explores demand-side determinants of domestic debt, by focusing on commercial bank holdings of government paper, discriminating carefully between voluntary factors (such as mean-variance portfolio optimization) and statutory ones (cash reserve and capital adequacy requirements). The analysis is made possible by the construction of a dataset on government and private returns (real and nominal) for almost 600 banks from 70 emerging and low-income economies, spanning the (pre-Basel II) period 1995-2005. A battery of structural cross-section regressions indicates that banks’ portfolio decisions are at least as significantly influenced by mean-variance considerations as regulatory factors: the actual portfolio share of government securities (λ) responds intuitively, and sizably, to variations in the moments of the distributions for government and private returns as well as in the minimum-variance portfolio share (λ*). Higher cash reserve requirements tilt portfolios away from government securities toward riskier private lending, while higher capital adequacy requirements work the other way. The association between actual portfolios and the identified determinants is noticeably weaker at lower ends of the λ distribution, suggesting the domination of non-CAPM factors in those contexts.
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Boustanifar, Hamid. "Essays in financial economics." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-2087.
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Singh, Manish Kumar. "Bank and Sovereign Risk: The Case of European Economic and Monetary Union." Doctoral thesis, Universitat de Barcelona, 2018. http://hdl.handle.net/10803/672653.
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This thesis consists of four self-contained but related papers trying to uncover different aspects of banking and sovereign risk in the member countries of European Economic and Monetary Union (EMU). From a methodological point of view, they all have in common the contingent claims model from the theory of finance, which is used to value call options on a stock.
The first paper, “Bank risk behavior and connectedness in EMU countries”, studies the structural differences in banking sector and financial regulations at country level to measure and analyze the banking sector risk behavior. Deviating from the current view, which in our opinion is excessively focused on Systemically Important Financial Institutions (SIFIs), we introduce a micro approach to emphasize the role of smaller financial institutions in build-up of risk. The paper starts with a discussion of the reasons that are needed to consider this choice. Contingent claims analysis model is employed to calculate the risk of individual banks which is then aggregated at country level. The remaining of the paper tries to highlight the information content of country level banking risk indices. It is shown that if banking sector risk is calculated at country level using a bigger sample of banks, it can provide a simple, convenient and intuitive forward looking risk measure. The risk measures differentiate countries based on the structural differences in their financial sectors and show strong correlations with national and regional market sentiment indicators. They outperform the regulatory risk measures based at the European level and the causal linkages run from them to the latter indicators, suggesting better information content. And even though they have high correlations, causality and connectedness tests reveal no systemic component.
The second paper, “Sovereigns and banks in the euro area: a tale of two crises”, attempts to quantify the directional intensity of sovereign-bank linkages in the euro area countries. To this end, we borrow the indicator of banking sector risk in each country from the first paper, and use a traditional measure of sovereign risk (10-year government yield spreads over Germany). The paper starts with the review of channels via which banks and sovereigns are linked in a vicious cycle. We apply a dynamic approach to testing for Granger causality between the two measures of risk in each country, allowing us to check for episodes of significant and abrupt increase in short-run causal linkages. The empirical results indicate that episodes of causality intensification vary considerably in both directions over time and across the different EMU countries. The directionality suggests the presence of causality intensification, mainly from banks to sovereigns, in the crisis periods. Our findings also present empirical evidence about the existence of an adverse feedback loop between sovereigns and banks in some euro-area countries.
The third paper, “Incorporating creditors' seniority into contingent claim models: Application to peripheral euro area countries”, develops and uses a seniority structure of sovereign's creditors to analyze the impact of sectoral distribution of debt on the sovereign credit risk. Specifically, this paper highlights the role of multilateral creditors (i.e., the ECB, IMF, ESM etc.) and their preferred creditor status in explaining the sovereign default risk of peripheral euro area (EA) countries. Incorporating lessons from sovereign debt crises in general, and from the Greek debt restructuring in particular, we define the priority structure of sovereigns' creditors that is most relevant for peripheral EA countries in severe crisis episodes. This new priority structure of creditors, together with the contingent claims methodology, is then used to derive a set of sovereign credit risk indicators. In particular, the sovereign distance-to-default indicator, proposed in this paper (which includes both accounting metrics and market-based measures) aims to isolate sovereign credit risk by using information from the public sector balance sheets to build it up. Analyzing and comparing it with traditional market-based measures of sovereign risk suggests that the measurement and predictive ability of credit risk measures can be vastly improved if we account for the changing composition of sovereigns' balance sheet risk based on creditors' seniority.
In the last paper, “Revisiting the sovereign-bank linkages: Evidence from contingent claims analysis”, we reconsider the sovereign-bank nexus as discussed in the second paper to check the robustness of our findings. Using the banking sector risk indicator developed in our first paper, together with the sovereign risk index build in the third paper we re-inspect the bank-sovereign linkages. We use three different statistical measures of interconnection based on principal components analysis, Granger causality network and Diebold-Yilmaz's connectedness index. We also compare our results with alternative specifications using existing market-based indicators of banking and sovereign risk. Our results suggest strong connectedness and co-movement between country-level banking and sovereign risk indicators. We also find evidence of an increasing role of idiosyncratic risk factors driving the evolution of all risk indices in the post-crisis period, thus supporting the “wake-up call hypothesis” that the sensitivity of financial market participants to fundamental differences increased during the crisis. Country-wise analysis of time-varying bi-directional linkages using dynamic Granger-causality suggests the development of a bank-sovereign doom loop in Spain corroborating for this country the findings of our second paper. Connectedness analysis also suggest that increasingly the risk is being driven away from market-based uncertainty to the idiosyncratic risk factors, which are better captured by the contingent claim based indices.
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Moazzin, Ghassan. "Networks of capital : German bankers and the financial internationalisation of China (1885-1919)." Thesis, University of Cambridge, 2017. https://www.repository.cam.ac.uk/handle/1810/267734.
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This dissertation examines the hitherto neglected role foreign, and specifically German, bankers played in the Chinese economy and the history of modern economic globalisation in China during the late 19th and early 20th centuries. By following the history of the German Deutsch-Asiatische Bank (DAB) during the last two decades of the Qing dynasty and the first years of the Chinese republic, this dissertation shows how the interaction between foreign bankers and Chinese officials, bankers and entrepreneurs led to the rapid internationalisation of Chinese finance, both in terms of public finance and the banking sector of China’s treaty port economy. Unlike most previous literature, which only depicts foreign banks in modern China as mere manifestations of foreign imperialism, this dissertation demonstrates that foreign banks acted as intermediary institutions that financially connected China to the first global economy and provided the financial infrastructure necessary to make modern economic globalisation in China during the late 19th and early 20th centuries possible. At the same time, this dissertation stresses the importance of Chinese agency for the operation of foreign banks in China’s treaty ports and shows that the interaction between foreign bankers and Chinese actors was made up as much of cooperation as of conflict. In sum, this dissertation not only furthers our knowledge of the role foreign banks played in the modern Chinese economy, but also contributes to our understanding of how China was financially integrated into the first global economy.
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Дудченко, Вікторія Юріївна, Виктория Юрьевна Дудченко, and Viktoriia Yuriivna Dudchenko. "Національний банк України в системі управління внутрішнім державним боргом." Thesis, Українська академія банківської справи Національного банку України, 2004. http://essuir.sumdu.edu.ua/handle/123456789/62654.
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В період трансформаційних перетворень в Україні залучення і
використання позик для покриття дефіциту державного бюджету призвело до
формування і значного накопичення внутрішнього державного боргу. Великі
розміри внутрішнього боргу, зростання витрат на його обслуговування
обумовлюють необхідність вирішення проблеми державного боргу, пошуку
шляхів вдосконалення механізму його управління.
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Friis-Liby, Victor, and Narina Bengtsson. "Fastighetsbolagens finansiering : En studie om fastighetsbolagens nya finansieringsalternativ." Thesis, Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-28819.
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Författare: Narina Bengtsson och Victor Friis-Liby Handledare: Eva BerggrenTitel: Fastighetsbolagens finansiering – En studie om fastighetsbolagens nyafinansieringsalternativ Bakgrund och problem: Kapitaltunga bolag som fastighetsbolag är ständigt i behov avkapital. Bankkredit som alltid varit det vanligaste och mest använda finanseringsalternativethar i större utsträckning ersatts med företagsobligationer och preferensaktier. Marknaden försvenska företagsobligationer har växt de senaste åren och fastighetsbolagen står idag för tvåtredjedelar av de totala preferensaktierna på Stockholmsbörsen. Efter den senaste finanskrisensvarade myndigheterna med att ta fram Basel III – regelverket, som ställer striktarekapitaltäckningskrav för bankerna. Med anledning av hur marknaden har utvecklats med nyafinansieringsalternativ och införandet av Basel III - regelverket vill vi undersöka hurfastighetsbolagen resonerar kring finansiering i nuläget. Syfte: Syftet med studien är att undersöka om de svenska börsnoterade fastighetsbolagens valav finansiering har förändrats efter finanskrisen 2008.Avgränsning: Studien bortser från fastighetsbolag som inte är börsnoterade och verksamheterutanför Sverige. Studien bortser också från de delar av kapitalmarknaden som inte berörfastighetsbolag och därför inte är aktuella för studien. Studien går igenom Basel III -regelverket som en följd av finanskrisen men vi kommer inte gå in djupare på orsaken tillfinanskrisen. Metod: Vi har gjort en kvalitativ studie på tre svenska börsnoterade fastighetsbolag. Slutsats: Basel III har enligt vår studie inte påverkat fastighetsbolagens tillgång till kapital pådet sättet som tidigare studier pekat på. Förändringen på marknaden beror på flera faktorer isamverkan som alla påverkat fastighetsbolagens val av finansiering. Vi kommer fram till attPecking order teorin inte är aktuell längre eftersom olika finansieringsalternativ idagkombineras för att diversifiera finansieringsrisken. Marknaden har förändrats sedan Peckingorder teorin utvecklades och det är därför inte längre möjligt att göra analyser på samma sättsom tidigare. Idag påverkas marknaden av flera faktorer samtidigt, vilket innebär attfastighetsbolagens finansieringsbeteende bara är en del av informationen att ta hänsyn till. Anledningen tros bland annat vara att vi idag är mer globalt integrerade än tidigare vilketinnebär att tillgången till information är större. Dessutom påverkas marknaden av flerstörningar nu än tidigare. Räntederivat, certifikatprogram och preferensaktier är alla nyafinansieringsalternativ som används av fastighetsbolagen och som inte tas upp i Pecking order teorin.
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Milonas, Kristoffer. "Essays in Empirical Finance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-2324.
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This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators.Diss. Stockholm : Stockholm School of Economics, 2015. Introduction together with 3 papers
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Ari, Anil. "Essays in banking and default." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/273246.
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This thesis consists of three chapters. In the first chapter, titled "Aggregate Risk and Bank Risk-Taking", I propose a general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and a drop in investment and output. With some opacity in bank balance sheets, depositors form expectations about bank risk-taking and demand a return on bank deposits according to their risk. This creates strategic complementarities and possibly multiple equilibria: in response to an increase in funding costs, banks may optimally choose to pursue risky portfolios that undermine their solvency prospects. In a bad equilibrium, bank lending is crowded out by risky asset purchases and weak economic fundamentals lead to a banking crisis. Policy interventions face a trade-o¤ between alleviating banks' funding conditions and strengthening their risk-taking incentives. Due to this trade-off, liquidity provision to banks may eliminate the good equilibrium when it is not targeted. Targeted interventions have the capacity to eliminate the bad equilibrium. The second chapter, titled "Gambling Traps", analyzes macroeconomic dynamics under this framework in a dynamic general equilibrium model. I show that self-fulfilling expectations about high bank risk-taking may lead to 'gambling traps' associated with slow recovery from crises. In a gambling trap, high bank funding costs hinder the accumulation of bank net worth, leading to a prolonged period of financial fragility and a persistent decline in economic activity. I bring this model to bear on the European sovereign debt crisis, in the course of which under-capitalized banks in default-risky countries experienced an increase in funding costs and raised their holdings of domestic government debt. The model is quantified using Portuguese data and accounts for macroeconomic dynamics in Portugal in 2010-2016. Finally, I show that subsidized loans to banks, similar to the European Central Bank's longer-term refinancing operations (LTRO) may perpetuate gambling traps. The third chapter, titled ''Shadow Banking and Market Discipline on Traditional Banks'', is joint work with Matthieu Darracq-Paries, Christo¤er Kok, and Dawid · Zochowski. In this chapter, we present a general equilibrium banking model in which shadow banking arises endogenously and undermines market discipline on traditional banks. We show that depositors' ability to re-optimize in response to crises imposes market discipline on traditional banks: these banks optimally commit to a safe portfolio strategy to prevent early withdrawals. With costly commitment, shadow banking emerges as an alternative banking strategy that combines high risk-taking with early liquidation in times of crisis. We bring the model to bear on the 2007-09 financial crisis in the United States, during which shadow banks experienced a sudden dry-up of funding and liquidated their assets. We derive an equilibrium in which the shadow banking sector expands to a size where its liquidation causes a fire-sale and exposes traditional banks to liquidity risk. Higher deposit rates in compensation for liquidity risk also weaken threats of early withdrawal and traditional banks pursue risky portfolios that may leave them in default. Financial stability is achieved with a tax on shadow bank profits or collateralized liquidity support to traditional banks.
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Chen, Chia-chi, and 陳家琪. "Bank directors and corporate debt." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/19357879791053894430.
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碩士國立雲林科技大學
財務金融系碩士班
99
In this study, we use three-stage simultaneous regression model (3SLS) to find the relationship between bank directors, long-term debt ratio and debt cost of capital. Empirical results show that: (1) bank directors, bank shareholders increase long-term debt ratio; higher long-term debt ratio may increase the number of bank directors due to the incentives to monitor business. (2) In both high and low financial constraints, bank directors, bank shareholders have a significant and positive impact on long-term debt ratio, but only in high financial constraints companies, high debt ratio will cause more bank directors. (3) Long-term debt ratio has significant impact on both high and low information asymmetry companies. However, the long-term debt ratio of high information asymmetry companies has more pronounced significant impact on bank directors than low information asymmetry companies.
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Chen, Shi-Wen, and 陳錫文. "Bank of the Analysis of the reasons for overdue loans--Case study on A Bank." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/21425932288369146871.
Full textAbstract:
碩士東吳大學
企業管理學系
97
Lending businesses are the main business and important source of profit for banks, but have to bear the risks. In recent years, many banks because of increased overdue loans, leading to the risk of bankruptcy. Therefore, how to reduce the amount of overdue loans and bad loans to increase profits for the bank, is an important issue. Therefore, this study hopes to understand in practice, what are the major factors that produced the overdue loans for the case of A bank. The study found that the major factors that affect the overdue loans are as follows: (A) Bank internal: including 1. under the pressure of operating performance or the competitive situation with the industry, to engage in high-risk loans, 2. director or senior bank lenders improper instructions, 3. lenders mismanagement, lack of truly insolvent financial resources, 4. business credit information inaccurate, 5. companies operating and financial information of the significant changes in a timely not to re-examine its limit. (B) Company business : including 1. responsible person for the alleged misappropriation of company assets, 2. on the wrong industry to determine the economy, leading to the blind expansion of the financial crisis happened, 3. years of losses, weak, uncompetitive products, 4. family to relax the internal management of enterprises, poor operating performance, 5. multi-operator, blind acquisition, over-investment, poor profits and losses. (C) Company operations : including 1. the transfer of foreign assets and liabilities in Taiwan, 2. business operations affected by the overall industry impact of poor economy, 3. mainly the loss of customers, reduced revenue, 4. the excessive expansion of the scale, but the investment effectiveness is not significant, 5. colluding with each other, malignant breakdown. (D) Company financial : including 1. enterprises to use a high degree of financial leverage operation, heavy interest burden, 2. enterprises to short-term borrowing to cover long-term use of funds, deteriorating cash flow, 3. funds and the use of improper planning and management, 4. short-term capital tight, too little cash or loans have been more difficult for credit expansion, 5. corporate over-investment, the backlog of capital is too high so that the financial burden too heavy. Key words: Loan quality, Overdue loans, Enterprise loans, Lending behavior.
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Kuo-ChingChen and 陳國清. "Bank Credit Quality,Real Estate Variables and Housing Loan Overdue Ratio-Evidence from L Bank." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/vev285.
Full textAbstract:
碩士國立成功大學
財務金融研究所碩士在職專班
107
Abstract Bank Credit Quality,Real Estate Variables and Housing Loan Overdue Ratio-Evidence from L Bank Chen- Kuo Ching Hsuan-Chu Lin Graduate Institute of Finance,National Cheng Kung University SUMMARY The competition of domestic banks has been excessively fierce. In order to gain market share, the principle of bank credit has been loosened, resulting in a decline in the quality of credit, resulting in the overdue ratio of financial institutions overdue. Increased trend. How to improve the quality of bank credit and reduce the occurrence of overdue loans has become a topic that needs to be addressed at present. This research Using the Rogers regression model for empirical research.The bank’s loan conditions are self-variant, and the number of strains is whether the personal mortgage is over-represented. In addition, the basic data of the changes in the real estate boom and the personal characteristics of the loan households are added as control variables .Expectation can find out the relationship between whether or not a default occurs The empirical results show that the size of the loan, the location of the collateral, the level of the education level of the borrower and the debt burden ratio and the over-release of the mortgage have significant factors. The higher the number of loans, the lower the chance of default, and the assumptions do not match. The higher the loan amount, the lower the probability of default, which is inconsistent with the assumption. This study analyzes the common significant variables of overdue loans as another line of defense when credit risk is controlled to enhance the bank's quality claims and reduce overdue loans. Keywords: personal mortgage, loan conditions, overdue loans, return to Rogers INTRODUCTION The over-release ratio of domestic banks decreased from 1.54% in 2008 to 0.23% in 2015, and gradually increased to 0.27%~0.31% between 2016 and 2017. The overdue loan ratio was 0.28% as of June 2018. This study explores the variables that affect overdue lending and the probability of overshooting, which is used as a credit risk factor. Relevant literatures at home and abroad pointed out the loan interest rate, the number of loans, the length of the loan, the amount of the loan, the collateral area, the changes in the real estate boom, and the personal basic information and conditions of the borrower. Through the analysis of the chi-square test and the return of the Rogers model, it affects the overdue factors and probability of housing loan cases. The empirical results show that there is a significant impact on the overdue of home loan credit cases. MATERIALS AND METHODS Based on the collected data, this study organizes the data of the sample data first, and then uses the Stata software to perform statistical analysis according to the hypothesis and structure. The methods used are Narrative, Mean Analysis, Correlations Analysis, Chi-Square Test, Logistic Regression, etc. This study intends to verify the following hypothesis for the overdue default risk of home loan households: (1)The longer the customer loan period, the higher the default rate (2)In terms of where the real estate collateral is located, different geographical locations may affect the risk of credit. (3)In terms of changes in the real estate environment, different time and space backgrounds will affect the risk of credit (4)Gender affects the risk of credit (5)Single or marriage affects the risk of credit (6)The higher the education level, the lower the default rate (7)If the service agency is a public official or a larger one, it is inferred that the default rate is lower. (8)There are guarantors who infer that their default rate is low (9)The higher the customer loan interest rate, the higher the default rate (10)The higher the customer loan is, the higher the default rate is. (11)The higher the customer loan amount, the higher the default rate (12)The higher the income and the lower the debt ratio, the lower the default rate RESULTS AND DISCUSSION Through Logistic Regression, the hypothesis verification results proposed by the Institute are compiled as shown in the table. This research hypothes is Whether it is established 1 Conforms to the hypothesis, but not significant 2 Conforms to the hypothesis 3 Conforms to the hypothesis 4 Conforms to the hypothesis, but not significant 5 Conforms to the hypothesis, but not significant 6 Conforms to the hypothesis 7 Conforms to the hypothesis 8 Conforms to the hypothesis 9 Conforms to the hypothesis, but not significant 10 Does not match 11 Does not match 12 Debt ratio, Conforms to the hypothesis Income, Conforms to the hypothesis, but not significant CONCLUSION The empirical results show that the size of the loan, the location of the collateral, the level of the education level of the borrower and the debt burden ratio and the over-release of the mortgage have significant factors. The higher the number of loans and the lower the probability of default, the more inconsistent with the assumptions, the more stable the individual occupation, the higher the income and the lower the debt burden ratio, the better the interest rate of the loan, the lower the probability of default, and the higher the number of bank loans. The empirical result shows that the higher the loan amount, the lower the probability of default, which is inconsistent with the assumptions; the bank considers the borrower's conditions as a whole, supplemented by the personal credit information record and credit card payment of the financial joint credit center.If the risk of default is assessed, bank claims can ensure that the loan amount will of course be higher. The limitations of this study, the insufficient number of housing loan data, may affect the true prediction accuracy of the model. There is no analysis of the management style and personality traits of the operators, whether it indirectly affects the outcome of the default of the mortgage; the personal data filled by the borrowers cannot actually know the accuracy, so the adverse selection and moral hazard problems cannot be avoided. The research proposal is based on personal mortgage as the research subject, and the follow-up researchers can conduct research and analysis on other credit granting services such as personal credit loans, credit card auditing and issuing cards. Comparing and analyzing different types of banks, if more samples can be obtained from private banks and public banks and foreign banks, the correctness of the empirical results of this study can be verified.
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CHIA-CHI, Chen, and 陳家琪. "The Study on Negotiation Program Overdue Factor in Consumer Bank Lone." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/86398897182893427169.
Full textAbstract:
碩士輔仁大學
金融與國際企業學系金融碩士在職專班
103
This study take personal credit information of a domestic consumer bank loan was negotiated between the analyses of the incentive customers to apply consumer debt clean-up regulations of the pre-consultative reason, the study period was from January 2010 to December 2014. The empirical results of this study show the variables in consumer bank loan negotiation apply cross analysis showed that the basic conditions for variables, application variables debt negotiation, credit conditions are variable, and financial and balance of payments variables, are whether the normal performance of an application for debt negotiation variable having statistical significance.Ask then to logistic regression analysis showed that consumer bank loan clean-up by regulations issued by the government Precedent set of consultative mechanisms, can provide consumer credit has a shallow stable customer payment default risk.
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Huang, Shuisen, and 黃水森. "Impact of macro-economic indicators on overdue Bank loan-A case of Shin Kong Commercial Bank." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/30379170534048533757.
Full textAbstract:
碩士國立屏東商業技術學院
國際企業所
99
This study examines on the impact of macro-economic indicators on overdue Bank loan, as opposed to past literature to large or small commercial banks in the country as a case study, less financial holding companies under banking to explore, as research objects, so this article in the Shin Kong Commercial Bank case study. Study on the period from October 2004 until the end of August 2010, a total of 71 months data. As both a single calibration, vector control, causality itself to undertake empirical regression model and multiple regression analysis and the analysis. Through the positive results of this study show that summarized the following important findings: supporting banks, inflation rates overdue loan rates, boom pointer pay rates, price indices, stock indices over the same period rate and storage benefits such as macro-economic indicators, and other variables are constant time series. To support new lending rates overdue Bank is to have no causal relationship between the macro-economic indicators. In support of the new bank lending rates overdue over with the same period of unemployment, boom pointers and storage benefits such as the three macro-economic indicators related to the overdue loan rate and the period and the unemployment rate is negative correlation between; will store and spreads are relevant. Finally, the support to multiple regression models of economic indicators to interpret the new lending rates overdue Bank should have good ability to explain and is feasible.
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KO, LAN-MEI, and 葛蘭美. "A Study on the Influencing Factors of Bank Customers’ Overdue - Using S Bank as an Example." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/v5yvcz.
Full textAbstract:
碩士銘傳大學
管理學院高階經理碩士學程
106
In recent years, with the development of financial technology, banks have focused on the innovation and service of financial products. However, at present, the bank credit business is still the core business and interest income is also the main source of income. Therefore, it cannot be ignored. Taking a case bank as an example, financing of accounts is about 67% of all loans, it is one of the main operations of the bank. In recent years, the interest rates has continued to decline, in order to maintain profitability and increase business performance, banks often take price competition, reduced the quality of credit and caused bad debts. The excessively high ratio of judging overpayments will cause a crisis in the banking industry and will have a great impact on the stability of the financial market. Therefore, we intended to explore the factors that influence individual banks’ overdue loans in this study. We used narrative statistical analysis and Logistic regression analysis in this study. For the case banks, customers in the north, central, and south regions are sample materials. There is the largest number of overdue loans to the wholesale and retail industry in north region .Then, it is mainly engaged in manufacturing and wholesale and retail trades in the central region. The overdue households in southern region are construction engineering and wholesale and retail industries. Finally, using Logistic regression analysis, we found that the factors such as "year of establishment", "number of bankers", "enterprise investment behavior" and "lawsuit factor" are significant impact on bank overdue loans.
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Chao-Kai, Hrong, and 洪肇鍇. "A practical study on applying data mining techniques for debt overdue risk of credit card." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/20318231476887314062.
Full textAbstract:
碩士輔仁大學
資訊管理學系
94
Since the use of credit cards and cash cards gained their popularity in recent years, consumer banking had become the central focus of many banks as the financial environment evolved. As the card business grew rapidly, severe financial storms hit on both cash and credit cards and brought about significant rising of overdue debt ratios and income losing of many banks in the later part of 2005. Many financial banks collect the overdue accounts by random with limited effects due to raising credit problems. In addition, not only the random collection processes can not accurately and timely lock on the overdue or delinquent accounts but also the bank profit could worsen due to the termination of good customers through annoying collection. Most academic or financial worlds use data mining techniques on credit assessment model on credit line and card approval in the past fruitful years. Very few studies focus on prediction models of overdue, delinquent and bankrupt accounts. This study uses the statistic methods to cross-examine and to test on Information Value in order to find the better explanatory parameters in the prediction model for overdue/delinquent. The establishment of practical models found that the algorithm of Back-propagation Neural Networks performed better than that of Decision Tree. This research showed the model prediction of precision rate reached above 80 percents when overdue accounts extending their payment from in 30 days (M1) to above 31 days (M2) would become delinquent account. The stability tests of the model indicated stable errors of ± 3% for the data of five consecutive months. The purpose of this study is to develop a better risk management and collection strategy for overdue accounts of credit cards in this debt abundant environment and to provide a reference for future researchers.
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Huang, Jiang-Chuan, and 黃江川. "Bank Relationships and Firm Private Debt Restructuring." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/91203343513261343311.
Full textAbstract:
博士雲林科技大學
管理研究所博士班
97
This study seeks to examine the direct benefit of bank relationships for a financially distressed firm by assessing its influence on the success and duration of firm private debt restructuring. Due to the data collecting impediments, this study particularly adopts the Taiwan Corporate Credit Risk Index (TCRI) to present a well-defined beginning and ending date of firm debt-restructuring, which helps us identify the success or failure of private debt restructuring. Moreover, in this study three proxies for completely measuring the degree of bank relationships are employed to ascertain the differential impacts upon success and duration of private debt restructuring brought forth from different measures. This study finds that indeed, relatively a financially distressed firm with a stronger bank relationship has a greater probability to successfully restructure its debt through private renegotiation. Accordingly, an analysis of credit rating recovery provides complementary evidence on the factors of successful debt restructuring. A duration analysis of the length of time needed for a debt restructuring to be completed shows that a financially distressed firm with a stronger bank relationship has a shorter length of time needed to successfully restructure its debt through private renegotiation. Thus, this study concludes that in a bank dominated financial system like Taiwan’s where firms are heavily bank-dependent, the bank-firm relationship is of crucial importance to the success and duration of financially distressed firms in private debt restructuring.
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WIJAYA, WINDA, and 游慧麗. "European Bank Performance during Sovereign Debt Crisis." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/88214752911453610319.
Full textAbstract:
碩士元智大學
財務金融暨會計碩士班(財務金融學程)
104
This reserach investigates the banks performances with overconfident CEO in European banking during the sovereign debt crisis in 2010-2012. We measure the banking performance by returns and CAMEL ratio while we also investigates whether the banks with CEO overconfident will go bankrupt or doing merger and acquisition during the crisis. In our empirical results we do not find significant result for both our hypothesis while we have several control variables and repeat several times of data observation.
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Chen, Shien-Chang, and 陳賢章. "Research On Overdue Collateralized Consumer Loan--A Sample Case of a Particular Bank." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/37906612927270394880.
Full textAbstract:
碩士元智大學
管理研究所
96
This research will target at 150 normal collateralized consumer loans from 8 braches of a famous commercial bank located in the Northern District and another 156 overdue collateralized loans listed in the Taipei City and Taipei County Overdue Debt Management Centers. A five year time range from 2002-2007 of these total samples of 306 cases will be studied which content includes personal data sheet filled by individuals and records shown in the Bill Exchange Commission such as rejected checks records. In addition, 16 risk variables such as: United Credit Bureau of consumers’ loan amount, interest payment schedules, cash cards, financial cards, amount and usage conditions are also investigated. The descriptive statistical, Chi-squared test, Logistic regression, and differentiation analysis are applied as the research methods. The empirical results and contributions are as follows: Significant variables affecting branch of contracts：Occupation, job title, education background, marital status, contact information, years of current job experience, current effective numbers of credit cards and debit cards, annual salary, ratios of loans in total of 9 items . The purpose of this paper is to provide significant references to bank credit release personnel, debt centers and banking personnel while facing bad debt problems resolutions. Early discoveries of bad assets in a shorter period of time can help more efficient resolution conducts and the goal of increasing bank profit and assurance of bank competitive advantages can be achieved.
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CHUNG, HUO KUANG, and 火光宗. "The Study of Mortgage Loan Overdue-Take the commercial bank as the example." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/75874969159719665544.
Full textAbstract:
碩士佛光大學
管理學研究所
95
Abstract In 1991 initial period Ministry of Finance in accordance to the Financial Market finance liberalization and the internationalization measure, the government approval has set up 15 new banks, has opened the domestic finance industry competition condition .In 2001 the government through the Financial Holding Company Act ,This Act is enacted in order to increase the synergy of Financial Institutions (as defined below), to consolidate the supervision of cross-financial industry, to promote the sound development of financial markets, and to protect the public interest. The domestic bank entrepreneur experiences these year steep competitions the result, various banks funds on deposit advantage difference reduces gradually, the entrepreneur in order to expand the management stratification plane, but strives for the customer to be able not but positively to withstand more latent risks, exceeds the time limit the probability which loans also largely to promote; In under the careless and indiscreet risk result, gives the letter condition to relax gradually, causes to give the letter quality to reduce gradually, exceeds the time limit loans the question seriously and so on the situations. When meets the industry murkily not booming, exceeds limit Ratio of Non-performing loan high to become a bank indefinite tense the bomb and the anxiety. The forecast nowadays the international situation, the money market development stability is a key which the country competitive ability and the economy continues to develop. The financial system if is unstable, not only is possible to affect national the economical normal operation, is easier to be under the regional financial impact, then initiation systematic risk. This research 192nd the home loans household achievement research object for some commercial bank 2004 years to 2005 years funding Mortgage loan , by Non-performing loan analysis the factor, strengthens the bank to give quality of the crediting asset. This research penetrates SPSS 12.0 for the Windows coverall software to carry on the statistical analysis, the use statistical analysis method, including： Descriptive Statistics, Discriminant analysis, Logistic Regression. The goal of this research is as follows: 1. Inquires variables and so on sex, education level, marital status, property right condition, occupation, loaning out amount and overall debt to the Mortgage loans occurs has the significance. 2. Establishes the Mortgage loan crediting , does accepts and approves the reference standard for the bank . Key words: Mortgage loan , Non-performing loan ,Logistic Regression, Discriminant analysis.
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YANG, MEI-LI, and 楊美莉. "The Management Policy of Overdue Loan - Evidence from the Branch of Bank L." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/58441168928979356118.
Full textAbstract:
碩士國立屏東大學
國際貿易學系碩士班
105
Currently, banks promote various financial products and services, and it leads to a more competitive market environment. However, loans are still the primary way in which most banks make profits. Therefore, overdue loans are critical to the sustainable operation for banks. Furthermore, the future of real estates in Taiwan is difficult to predict, and bank management should carefully assess loans in order to avoid reducing profits from non-performing loans （NPLs）. As a result, managing of credits becomes imperative on the bank. The sample size of this research was 167 cases of overdue loans, and its period was during from 2015 to 2016 in a branch of a state-owned bank in the Pingtung area. The ten variables were selected from the borrower’s basic information and five credit administration principles, which were gender, age, annual income, occupation, education level, job function, loan amount, job longevity, number of children, and month of NPL which were more than one to three months. The data analysis was used by SPSS to study the relationship between these variables, and thus it found the major factors which affected overdue loans. The result revealed that the four variables, which were gender, education level, job function, and occupation, were significant on the month of NPL analyzed by a chi-square test. The loan amount was significantly affected by the five variables, which were age, job longevity, job function, annual income, and education level, tested by correlation analysis. In addition, annual income and education level could account for loan amount on a multiple regression analysis. It showed that the higher of annual income and education level, the larger amount of loan could be borrowed, and vice versa. The findings of this research would be the reference for bank lending criteria. Furthermore, banks could more effectively assess the credit cases to decrease the risk of NPLs for the speculative investments.
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CHANG, YI-XING, and 張義興. "Social Mechanisms of Debt Collection： The Case Study of Personal Unsecured Bank Debt." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/ak2679.
Full textAbstract:
碩士輔仁大學
社會學系碩士班
103
This research topic is about social mechanisms of debt collection. including the problem of card-debt. The study Investigates how this economical problem can cause serious social issues, and how the mechanisms of debt collection operates. . According to Graeber (2013), debt crisis is raised by social interactions, yet it further harms social relationship after commercialization. The research discovers that debt collection affected by different ways of loan and social relationships, especially in the situation that most banks entrust debt to the other superving organization when the card-debt collection cases are out of order, which creates another issue that makes debtors unable to lead a normal life and affects their relationships with people as well. As a result, debtors will continuously hold a negative view toward debt issues. In the later period of debt problem , because the government had redefined the legality of debt collection, the function of double debt had shifted from the oppression of social relationships to debt collection of legal. As Enforce increases over times, Court becomes mechanisms of debt collection of a ring, but simultaneously, this had also raised the problem of debtors running away from their loans.