Journal articles on the topic 'Post-GFC'
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1
Azis, Iwan Jaya. "Macroeconomics Post-GFC." Jurnal Ekonomi Indonesia 8, no. 1 (August 1, 2019): 103–24. http://dx.doi.org/10.52813/jei.v8i1.14.
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The core model of macroeconomics we teach in colleges and universities uses incredible assumptions to reach absurd conclusions. Among those assumptions are, no financial frictions such as credit rationing, individuals had rational expectations or acted as if they did, and representative agent to represent an aggregation of firm or household sector whose optimizing behaviors are micro-founded. With no financial frictions, the model fails to explain a major event such as the 2008 GFC. Why small shocks can have very large effects (amplification) that last so long (persistence), and why deep downturns can occur repeatedly with powerful spillovers and contagion effects? Constructed for analyzing only small fluctuations, the current core model is likely to provide little guidance as to what should be done in response. In this paper, I argue that the key problem with the current macroeconomics is the superficiality of its treatment towards financial sector. It is shown that financial frictions played a significant role in capital flows fluctuations, external shocks created channels of spillover and contagion across countries and across asset classes, capital flows with the presence of financial frictions made monetary policy more challenging, and they could be detrimental to financial stability and the distribution of income. Corrections and adjustments to existing core macroeconomic model should be based on empirical evidence and how the economy works, not on the esthetic riddles of established paradigm.
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Kwon, Soo Young, Jongwon Park, and Jaeyoon Yu. "The Effect of Industry-Specialist Auditors on SEO Underpricing Before and After the Global Financial Crisis." AUDITING: A Journal of Practice & Theory 37, no. 1 (April 1, 2017): 89–113. http://dx.doi.org/10.2308/ajpt-51779.
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SUMMARY This study examines whether auditors' industry expertise is negatively associated with underpricing of seasoned equity offerings (SEO) and whether the association between auditors' industry expertise and SEO underpricing changes around the global financial crisis (GFC). Using a sample of 2,028 SEO observations from 2001 to 2013, we document that in the pre-GFC period, auditors' industry expertise is negatively associated with SEO underpricing, but not during the post-GFC period. Industry-specialist auditors are also associated with higher earnings response coefficients in the pre-GFC period, but not in the post-GFC period. These results suggest that the GFC affected investor confidence in industry-specialist auditors in the capital markets. JEL Classifications: G01; G14; M42.
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Alexeyeva, Irina, and Tobias Svanström. "The impact of the global financial crisis on audit and non-audit fees." Managerial Auditing Journal 30, no. 4/5 (May 5, 2015): 302–23. http://dx.doi.org/10.1108/maj-04-2014-1025.
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Purpose – The paper aims to investigate audit and non-audit fees during the global financial crisis (GFC) in an environment that is relatively sparsely regulated with regard to the provision of non-audit services. Design/methodology/approach – Audit and non-audit fees were studied during pre-GFC (2006-2007), GFC (2008-2009) and post-GFC (2010-2011) periods. Findings – During the GFC, Swedish companies benefited from an increase in sales and total assets, although return on assets decreased. In this setting, the auditors charged higher audit fees compared with the pre-GFC period, despite the absence of increased audit reporting lags. A significant increase in audit fees continued during the post-crisis periods with auditors paying more attention to companies’ leverage and whether they report losses. At the same time, the companies spent less on non-audit services. Research limitations/implications – This study is limited to companies from Sweden, which was less affected by the GFC. Practical implications – GFC auditors are able to charge higher audit fees to public companies including those that are well-performing during financial crises, and they are also able to increase the audit fees in the post-crisis period. This implies that auditors put in extra audit effort to compensate for higher risk, or that they are good at negotiating prices with their clients. However, non-audit fees decreased during the same period, implying that the demand for these services drops under financial instability. Originality/value – The study highlights auditors’ behavior in the liberal economic environment and it studies both audit fees and non-audit fees before GFC, during GFC and after the GFC. The GFC appears to have provided audit firms the opportunity to extract higher audit fees. Our findings are of interest to managers, auditors and regulators.
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Leow, Hon-Wei, and Wee-Yeap Lau. "The Impact of Global Financial Crisis on IPO Underpricing in Malaysian Stock Market." Review of Pacific Basin Financial Markets and Policies 21, no. 04 (December 2018): 1850023. http://dx.doi.org/10.1142/s0219091518500236.
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This study examines the impact of the Global Financial Crisis (GFC) on Initial Public Offering (IPO) underpricing in the context of an emerging market from January 2006 to December 2011. Models consist of hierarchical and dummy variable regressions have been evaluated. Our results show, firstly, by comparison between the pre-GFC, GFC and post-GFC periods, it can be observed that IPOs initial returns (offer-to-close) are generally lower due to the crisis. Secondly, IPO underpricing provides an average of 17–25% of initial returns in the pre-GFC period, 1–3% during GFC period, and 3–7% in the post-GFC period. Thirdly, the financial crisis does not act as a moderator that worsens the relationship between underpricing of IPO and oversubscription ratio. Lastly, this study dispels the notion that investors should totally shun IPO during crisis period as there are still positive initial returns among the new issues. To the authors’ knowledge, this is the first study on the impact of the GFC on IPO underpricing in Malaysia.
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Marzuki, Muhammad Jufri, and Graeme Newell. "The significance and performance of US commercial property in a post-GFC context." Journal of Property Investment & Finance 35, no. 6 (September 4, 2017): 575–88. http://dx.doi.org/10.1108/jpif-02-2017-0018.
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Purpose US commercial property is an important investment opportunity for institutional investors. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of US commercial property (both direct property and REITs) in a mixed-asset portfolio over 1994-2016. The 2009-2016 post-GFC recovery of US commercial property is specifically highlighted. Design/methodology/approach Using quarterly total returns, the risk-adjusted performance and portfolio diversification benefits of US commercial property over 1994-2016 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of US commercial property in a mixed-asset portfolio. Sub-period analysis over 2009-2016 is used to assess the post-GFC recovery of US commercial property. Findings US commercial property delivered mixed results over 1994-2016; direct property gave the best risk-adjusted performance, while US-REITs performance was hampered by high volatility. Since the GFC, both forms of US commercial property have delivered stronger risk-adjusted returns with improved diversification benefits, especially in the context of an inter-property investment strategy. However, US-REITs did not improve their diversification benefits with the stock market over this period. This sees US commercial property as an important component in the US mixed-asset portfolio in the post-GFC environment, with a much stronger role exhibited by US direct property in the post-GFC mixed-asset portfolio. Practical implications US commercial property emerged from the GFC as a stronger and more robust property investment opportunity, with both the direct property and US-REITs fully recovered to their pre-GFC performance level in 2012. The results highlight the major role of US commercial property in a US mixed-asset portfolio in the post-GFC context. The superior risk-adjusted performance of US commercial property sees both direct and listed US commercial property contributing significantly to the mixed-asset portfolio throughout the entire risk-return spectrum, particularly direct property. Given the increased capital flows into the US property market since the GFC, this is particularly important as many investors, both local and international, use direct and listed property investment opportunities as conduits for their significant US commercial property exposure. Originality/value This paper is the first published empirical research analysis that specifically assessed the post-GFC performance and role of US commercial property in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making by institutional investors regarding the strategic role of US commercial property in a mixed-asset portfolio in a post-GFC context.
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Ulina, Sri, and M. Shabri Abd Majid. "A Comparative Analysis of Resilience of Islamic and Conventional Banks in Indonesia." Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 11, no. 2 (December 31, 2020): 88–103. http://dx.doi.org/10.18326/muqtasid.v11i2.88-103.
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The presence of the 2008 Global Financial Crisis (GFC) has adversely impacted both conventional and Islamic banking performances. This study aims to empirically compare the financial performances between Islamic banks and conventional banks during the pre- and post-2008 GFC periods. It also attempts to compare the financial performance of each Islamic and conventional bank between the pre- and post-2008 GFC periods. Three state-owned banks from each conventional and Islamic banking category were selected as the study sample using the purposive sampling technique. Based on the independent sample t-test, the study found a significant difference between the Islamic and conventional banking performances during the pre- and post-2008 GFC periods. Meanwhile, based on the paired t-test, the decline in Islamic banking performance from the pre-2008 GFC to the post-2008 GFC periods was significantly smaller than their conventional banking counterparts. These findings show the Islamic banks' superiority over their conventional banking counterparts due to fair and just practices based on Islamic tenets. Due to theirreliance in facing the episodes of crises, the Islamic banks deserve a strong support by government by enhancing prudent Islamic banking regulation. The Islamic banks should strive to operate fully based on the shari'ah principles and prudent banking management.
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Vo, Duc Hong, Binh Ninh Vo Pham, Chi Minh Ho, and Michael McAleer. "Corporate Financial Distress of Industry Level Listings in Vietnam." Journal of Risk and Financial Management 12, no. 4 (September 22, 2019): 155. http://dx.doi.org/10.3390/jrfm12040155.
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Any critical analysis of the corporate financial distress of listed firms in international exchange would be incomplete without a serious dissection at the industry level, because of the different levels of risks concerned. This paper considers the financial distress of listed firms at the industry level in Vietnam over the last decade. Two periods are considered, namely during the Global Financial Crisis (GFC) (2007–2009) and post-GFC (2010–2017). The logit regression technique is used to estimate alternative models based on accounting and market factors. The paper also extends the analysis to include selected macroeconomic factors that are expected to affect the corporate financial distress of listed firms at the industry level in Vietnam. The empirical findings confirm that the corporate financial distress prediction model, which includes accounting factors with macroeconomic indicators, performs much better than alternative models. In addition, the evidence confirms that the GFC had a damaging impact on each sector, with the Health & Education sector demonstrating the most impressive recovery post-GFC, and the Utilities sector recording a dramatic increase in bankruptcies post-GFC.
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Neifar, Malika, Sameh Charfeddine, and Aida Kammoun. "Financial Performance of Islamic Versus Conventional Banks a Comparative Analysis for Jordan." International Journal of Economics and Financial Issues 12, no. 6 (November 23, 2022): 65–74. http://dx.doi.org/10.32479/ijefi.13539.
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This paper contributes to the empirical literature on interest-free finance by investigating the financial performance of interest-free and conventional banks in Jordan over the period 2005–2014 covering GFC period. Three models, two sub-periods, and 11 ratios are considered to compare bank performance evolutions. We give first a univariate based t-test analysis, and then a discriminant analysis is presented in order to determine which variables differentiate between conventional and Islamic banks. Finally, a multivariate nonlinear analysis from Binary outcome panel data models such as Probit and Logit model is conducted. Based on t-test univariate analysis, there is significant evidence that Islamic Banks (IBs) are in average less stable and more risky than conventional banks (CBs) for the three considered periods: full period, pre Global Financial Crisis(GFC) and post GFC. Pre GFC, IBs are more capitalized, more liquid, and more profitable in average. However, post GFC, IBs are in average only more liquid in addition to excess of instability and credit risk. From the results of Pooled Probit model, interest free banks seem again to be less stable, but less liquid, and riskier for the total period. The failure to find more stability for IBs is due to assumption of a stable relationships. Once we introduce interaction effect variables to take into account of behavior instability (due to Subprime crisis (GFC)), we show that IBs are rather more stable, more liquid but less profitable post GFC.
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N G, Christopher. "Post-GFC : Challenge of Labour-economic Policy Coherence." NHRD Network Journal 4, no. 1 (January 2011): 9–13. http://dx.doi.org/10.1177/0974173920110102.
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Yan, Cheng, and Xiaoli Wu. "Expected option returns during the post-GFC era." Investment Analysts Journal 49, no. 2 (April 2, 2020): 118–31. http://dx.doi.org/10.1080/10293523.2020.1759924.
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Krishnan, Kaveri, Sankarshan Basu, and Ashok Thampy. "Has the Global Financial Crisis Changed the Market Response to Credit Ratings? Evidence from an Emerging Market." Journal of Emerging Market Finance 19, no. 1 (December 10, 2019): 7–32. http://dx.doi.org/10.1177/0972652719877472.
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This article analyses the differential market response to credit rating revisions in the pre- and post-global financial crisis (GFC) period using data from India. By reviewing the stock price reaction to the announcement of long-term rating changes during the period 1996–2015, the study finds evidence that the stock price reacted less to rating announcements after the GFC of 2008. However, the difference in the cumulative abnormal returns before the GFC and after the GFC is not statistically significant. JEL codes: G240, G010, G140
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Islam, Syrus M., and Noel Yahanpath. "Evaluation of post-GFC policy response of New Zealand." Journal of Financial Regulation and Compliance 23, no. 4 (November 9, 2015): 403–14. http://dx.doi.org/10.1108/jfrc-02-2014-0007.
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Purpose – The paper aims to evaluate the role played by a recent banking and macro-prudential regime in addressing the financial crisis in New Zealand (NZ). Design/methodology/approach – The basic methodology used in this paper is the “documentary research method”. For this study data have been collected from various published sources. Findings – We find that the NZ government is one of the first few countries to implement Basel III to ensure the robustness of its banking sector while calibrating it to the unique needs of the economy and is in the process of phasing in several macro-prudential instruments (e.g. countercyclical capital buffer ore funding ratio sectoral capital requirement and loan-to-value ratio) to smooth the credit cycle of the economy. However implementing different requirements of a new policy has some challenges. Research limitations/implications – Further research may be carried out to investigate the policy responses of the government from corporate governance and other regulatory perspectives. Practical implications – This study identifies the effectiveness as well as some challenges faced when implementing different requirements of the new policy that may facilitate the policy makers to take appropriate action as required. Originality/value – This study provides a unique insight into the post-GFC scenario with regard to the government policy response in the banking sector and macro-prudential system that may provide the world with a financial-system warrant of fitness. It is one of the very few studies that showcase a global perspective and to our knowledge it is the first of its kind in NZ in the post-global financial crisis period.
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Day, Creina. "House prices post-GFC: More household debt for longer." Economic Analysis and Policy 64 (December 2019): 91–102. http://dx.doi.org/10.1016/j.eap.2019.07.007.
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Zuhair, Segu, and Riccardo Natoli. "Issues with Debt Funding: Some Empirical Evidence Post-GFC." Acta Universitatis Bohemiae Meridionalis 15, no. 2 (April 15, 2013): 121–28. http://dx.doi.org/10.32725/acta.2012.020.
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Israel O.E Idewele. "Universal Exchange and Trade Rates." Konfrontasi: Jurnal Kultural, Ekonomi dan Perubahan Sosial 7, no. 2 (June 17, 2020): 158–67. http://dx.doi.org/10.33258/konfrontasi2.v7i2.109.
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This paper dissects the connection between universal exchange and conversion scale levels with regards to the worldwide money related emergency (GFC) and the ascent of worldwide and provincial esteem chains (GVCs). Utilizing two-sided information for 72 economies over the 2001– 2015 period, we locate a positive connection between the genuine conversion standard and fare volume pre-GFC; however this relationship for the most part vanishes post-GFC. We additionally analyze the effect of extending GVCs on exchange and on the conversion scale exchange connect channel. The examination affirms that expanded investment in GVCs brings down the effect of the conversion standard on fares, and could be a contributing element to debilitating connections between trade rates and exchange. Ultimately, other auxiliary variables, for example, import organization and load of transient outside obligation of exporters and merchants, appear to significantly affect exchange execution yet less effect on the conversion scale exchange connect channel post-GFC.
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Newell, Graeme, and Muhammad Jufri Bin Marzuki. "The significance and performance of property companies on the AIM stock market." Journal of European Real Estate Research 11, no. 1 (May 8, 2018): 28–43. http://dx.doi.org/10.1108/jerer-09-2016-0033.
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Purpose The Alternative Investment Market (AIM) is an important UK growth-focused stock market. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of property companies on the AIM stock market over 2005-2015. The post-Global Financial Crisis (GFC) recovery of property companies on AIM is highlighted, as well as their performance compared with property companies on the London Stock Exchange (LSE) main board. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of property companies on the AIM stock market over 2005-2015 are assessed and compared with a range of other asset classes. Sub-period analysis is used to assess the post-GFC recovery of the property companies on AIM. Findings Property companies on AIM delivered poor risk-adjusted returns over 2005-2015, with limited portfolio diversification benefits with the overall AIM stock market. However, since the GFC, property companies on AIM have delivered strong risk-adjusted returns, with improved portfolio diversification benefits with the overall AIM stock market. This post-GFC performance is shown to be more than a small cap effect, reflecting the property portfolios in these AIM property companies. Despite this strong post-GFC performance, the AIM property companies under-performed property companies on the LSE main board on a risk-adjusted basis. Practical implications AIM provides an important platform for property companies seeking start-up and growth opportunities in a less-regulated funding environment. This has been reinforced by strong risk-adjusted performance in a post-GFC context. However, the stronger risk-adjusted performance of LSE listed property companies and their superior scale, resources and higher quality property portfolios present challenges for increased investor support for the AIM property companies going forward. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance and diversification benefits of property companies on the AIM stock market. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of property companies on the AIM stock market in a portfolio.
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Burgess, John, and Julia Connell. "The Asia Pacific region: leading the global recovery post-GFC?" Asia Pacific Business Review 19, no. 2 (April 2013): 279–85. http://dx.doi.org/10.1080/13602381.2013.767641.
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Haran, Martin, Michael McCord, Norman Hutchison, Stanley McGreal, Alastair Adair, Jim Berry, and Anil Kashyap. "Financial structure of PPPs deals post‐GFC: an international perspective." Journal of Financial Management of Property and Construction 18, no. 2 (August 2, 2013): 184–203. http://dx.doi.org/10.1108/jfmpc-07-2012-0028.
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Boren, Shaun. "College Students' Motivations to Attend Group Fitness Classes: An Exploratory Investigation." Recreational Sports Journal 41, no. 2 (October 2017): 156–66. http://dx.doi.org/10.1123/rsj.2015-0040.
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This study investigated college students' various motivations to select from a comprehensive range of group fitness class (GFC) offerings at a university. Multivariate analysis of variance revealed a significant difference in motivations to exercise based on the GFC a participant was attending most often (primary GFC, p < .01). A post hoc test determined that Health Pressures was the only motivation subscale of 14 total subscales to significantly contribute to the main effect ( p < .003). However, the findings suggested that primary GFC can explain variation in motivations to exercise. This result evidences applicability of the self-determination theory between smaller categories of physical activity than previously tested. Future research should replicate the study at larger, more diverse institutions to explore additional factors affecting motivations to exercise. Practitioners can use this study to inform the design and advertising of GFCs.
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Newell, Graeme, and Muhammad Jufri Bin Marzuki. "The significance and performance of UK-REITs in a mixed-asset portfolio." Journal of European Real Estate Research 9, no. 2 (August 1, 2016): 171–82. http://dx.doi.org/10.1108/jerer-08-2015-0032.
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Purpose UK-Real Estate Investment Trusts (REITs) are an important property investment vehicle, being the fourth largest REIT market globally. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK-REITs in a mixed-asset portfolio over 2007−2014. The post-global financial crisis (GFC) recovery of UK-REITs is highlighted. Design/methodology/approach Using total monthly returns, the risk-adjusted performance and portfolio diversification benefits of UK-REITs over 2007–2014 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of UK-REITs in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of UK-REITs. Findings UK-REITs delivered poor risk-adjusted returns compared to UK stocks over 2007–2014 with limited portfolio diversification benefits. However, since the GFC, UK-REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with UK stocks. Importantly, this sees UK-REITs as strongly contributing to the UK mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications UK-REITs are a significant market at a European and global REIT level. The results highlight the major role of UK-REITs in a UK mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of UK-REITs compared to UK stocks sees UK-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds, defined contribution [DC] funds) use UK-REITs to obtain their property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK-REITs and the role of UK-REITs in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of UK-REITs in a portfolio.
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Ulguim, Rafael Da Rosa, Carine Mirela Vier, Felipe Betiolo, Pedro Ernesto Sbardella, Mari Lourdes Bernardi, Ivo Wentz, Ana Paula Mellagi, and Fernando Pandolfo Bortolozzo. "Insertion of an intrauterine catheter for post-cervical artificial insemination in gilts: a case report." Semina: Ciências Agrárias 39, no. 6 (November 30, 2018): 2833. http://dx.doi.org/10.5433/1679-0359.2018v39n6p2833.
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The aim of this case report was to characterize the insertion of an intrauterine catheter (IC) in gilts to perform post-cervical artificial insemination (PCAI). Attempts to insert ICs through the cervixes of gilts were performed using either a standard sow foam tip catheter (SFC; n = 25) or a standard gilt foam tip catheter (GFC; n = 25). The percentage of passage, depth and degree of difficulty for insertion were evaluated. The average depth of IC insertion was 10.1 ± 1.3 cm for SFC and 10.0 ± 1.2 cm for GFC. For both catheters, insertion depths of greater than 10 cm were achieved in the first insemination in 44% of gilts. Insertion depths of greater than 6 cm were observed in 72% and 60% of attempts using SFC and GFC, respectively. A high level of difficulty for IC insertion was observed, mainly while using GFC. In conclusion, the routine application of PCAI in gilts on swine farms remains limited by the low success rate for intrauterine catheter insertion. In further studies, we suggest evaluating reproductive performance using low insertion depths for PCAI in gilts, and assessing the use of sow foam tip catheter as a guide to introduce the IC.
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Newell, Graeme, Anh Khoi Pham, and Joseph Ooi. "The significance and performance of Singapore REITs in a mixed-asset portfolio." Journal of Property Investment & Finance 33, no. 1 (February 2, 2015): 45–65. http://dx.doi.org/10.1108/jpif-12-2010-0027.
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Purpose – REITs have taken on increased significance in Asia in recent years, with Singapore REITs (S-REITs) becoming an important property investment vehicle since 2002. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of S-REITs in a mixed-asset portfolio context in Singapore over 2003-2013. The post-GFC recovery of S-REITs is also assessed. Design/methodology/approach – Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of S-REITs over 2003-2013 is assessed, with efficient frontiers and asset allocation diagrams used to assess the role of S-REITs in a mixed-asset portfolio. Sub-period analyses are conducted to assess the post-GFC recovery of S-REITs. Findings – S-REITs delivered strong risk-adjusted returns, being the best-performed asset class, but with little portfolio diversification benefit over 2003-2013. Whilst taking on reduced risk, but with less portfolio diversification benefits in recent years, S-REITs are seen to be robust relative to the other major Singapore asset classes; contributing significantly across the risk spectrum; particularly in the post-GFC period, where S-REITs have been the best-performed asset class in Singapore. Practical implications – The results highlight the important strategic role of S-REITs in a Singapore mixed-asset portfolio. The strong risk-adjusted performance has highlighted the robustness of S-REITs, with S-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum; particularly in the post-GFC period. This robustness highlights the ongoing strategic role of S-REITs in a Singapore mixed-asset portfolio, as well as the ongoing development of S-REITs as an important pan-Asia hub for REITs. Originality/value – This paper is the first published empirical research analysis of the risk-adjusted performance of S-REITs and the role of S-REITs in a portfolio. Given the increased significance of REITs in Asia, this research enables empirically validated, more informed and practical property investment decision-making regarding the role of S-REITs in a mixed-asset portfolio and S-REIT performance in a post-GFC context.
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Owusu Junior, Peterson, George Tweneboah, Kola Ijasan, and Nagaratnam Jeyasreedharan. "Modelling return behaviour of global real estate investment trusts equities." Journal of European Real Estate Research 12, no. 3 (November 4, 2019): 311–28. http://dx.doi.org/10.1108/jerer-09-2018-0043.
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PurposeThis paper aims to contribute to knowledge by investigating the return behaviour of seven global real estate investment trusts (REITs) with respect to the appropriate distributional fit that captures tail and shape characteristics. The study adds to the knowledge of distributional properties of seven global REITs by using the generalised lambda distribution (GLD), which captures fairly well the higher moments of the returns.Design/methodology/approachThis is an empirical study with GLD through three rival methods of fitting tail and shape properties of seven REIT return data from January 2008 to November 2017. A post-Global Financial Crisis (GFC) (from July 2009) period fits from the same methods are juxtaposed for comparison.FindingsThe maximum likelihood estimates outperform the methods of moment matching and quantile matching in terms of goodness-of-fit in line with extant literature; for the post-GFC period as against the full-sample period. All three methods fit better in full-sample period than post-GFC period for all seven countries for the Region 4 support dynamics. Further, USA and Singapore possess the strongest and stronger infinite supports for both time regimes.Research limitations/implicationsThe REITs markets, however, developed, are of wide varied sizes. This makes comparison less than ideal. This is mitigated by a univariate analysis rather than multivariate one.Practical implicationsThis paper is a reminder of the inadequacy of the normal distribution, as well as the mean, variance, skewness and kurtosis measures, in describing distributions of asset returns. Investors and policymakers may look at the location and scale of GLD for decision-making about REITs.Originality/valueThe novelty of this work lies with the data used and the detailed analysis and for the post-GFC sample.
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Nguyen, Thi Kim, and Muhammad Najib Razali. "The dynamics of listed property companies in Indonesia." Journal of Property Investment & Finance 38, no. 2 (December 20, 2020): 91–106. http://dx.doi.org/10.1108/jpif-06-2019-0073.
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Purpose As an asset class, listed property companies (PCs) in the emerging Asian markets have taken on increased significance in recent years. Investors have seen Indonesian real estate investment trusts (REITs) being regulated to become a property investment vehicle in 2007. This sees macro-environment investment in the Indonesian property market taking off to a higher level regionally. In the background, Indonesian listed PCs maintain as one of the major investment vehicles for local and international investors. It has also been the subject of investment for REITs and property investment funds in Indonesia. The purpose of this paper is to assess the dynamics of risk-adjusted performances and portfolio diversification benefits of listed PCs in a mixed-asset portfolio context in Indonesia, from July 2006 to December 2018. The sub-periods of pre-global financial crisis (GFC), GFC and post-GFC of listed PCs is also assessed. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of listed PCs from July 2006 to December 2018 are assessed, with extended efficient frontiers and asset allocation diagrams used to assess the role of listed PCs in a mixed-asset portfolio. Sub-period analyses are conducted to assess the post-GFC recovery of listed PCs. Findings Listed PCs delivered higher returns but carried higher risks compared to stocks before the GFC, with bonds having both the lowest returns and risks. The impact of the GFC was highest for Indonesian PCs compared to stocks, where properties did not deliver strong risk-adjusted returns. Notwithstanding the poor risk-adjusted performance, Indonesian PCs had low correlations with stocks and bonds, suggesting some level of diversification potential for stock and bond investors. Stocks outperformed listed PCs across the sub-periods and the full period. Over the post-GFC period, both stocks and listed PCs recovered from the crisis, with stocks turning around stronger. This analysis shows a prolonged recovering and slow bouncing adjustment of listed PCs from the economic changes. This research suggests selected listed PCs may be the outperformers, and, a future contract as a hedge form for listed PC to be implemented. Research limitations/implications The use of the indices of Standard & Poor’s Indonesian property total return (for listed PCs) are as follows: MSCI Indonesia total return (for stocks), Indonesia’s ten-year bond’s total return (for bonds) and Indonesia’s three-month bill total return (for cash). This is used to study the Indonesian listed PCs and may have aggregation effects in its underperformance and therefore drawing a negative outcome. The results may reflect the common fact that the majority of listed PCs in Indonesia are property developers, which also sees underperformances in other emerging country markets. Practical implications Listed PCs have been under increasingly adjusted and positively adapted regulations from the Indonesian Government over the post-GFC period. Therefore, in order to attract interest from international investors in property investment in Indonesia, listed PCs need stronger and more efficiently adapted regulations to a competitive level of respective regulations in the region and globally. Notwithstanding the poor performance in the transitional stage, Indonesian listed PCs bring some diversification benefits to local investors who are able to pick the outperformed invested PCs at the right time. Of the on-going concerns, international investors have no restrictions on holding listed PCs in the Indonesian stock market. This provides room for improvement in business performance in listed PCs as a result of regional/global competition and international management being involved. The present study delivers awareness to investors, researchers as well as policymakers on the Indonesian property market. Originality/value This paper is the first published to present a country profile of significant property vehicles (commercial property, listed PCs and REITs). It also presents empirical research analysis of the risk-adjusted performance of listed PCs and its dynamic role in a local investors’ perspective across the pre-GFC, GFC, post-GFC periods. Given the significance of listed PCs in Asia, this research highlights more information for opportunities and on-going property investment issues in Indonesia.
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Kumar, Sujit. "Capital controls and capital flow volatility during global shocks: Indian experience." Asian Journal of Economics and Empirical Research 10, no. 1 (January 18, 2023): 20–30. http://dx.doi.org/10.20448/ajeer.v10i1.4414.
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This paper examines the issue of capital controls in India and their effectiveness in stabilizing the capital flow volatility in the economy. It documents the evolution of the capital controls regime in India since its economic liberalization in 1991 and focuses on India’s experience with capital controls in the period leading up to the Global Financial Crisis (GFC) of 2008 until the taper tantrum aftermath in 2013. We construct a capital controls index based on data from the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). The index shows careful ease of capital controls by Indian policymakers in the financial sectors, i.e., the capital market, money market and direct investment, over the 2001–2008 period. The index further shows that the process of decontrol in the capital market stagnated during 2009–2014 due to the GFC to insulate the Indian economy from global shocks. This paper further explores the impact of capital controls in managing capital flow volatility in the context of the GFC. Using the tobit estimation approach, we show that capital controls effectively reduce capital flow volatility in the pre-GFC period followed by a limited impact post-GFC. This complements the capital account liberalization process during pre-GFC period. Our findings support India’s prudent approach to capital account management as financial markets evolve to manage risk efficiently in a large economy.
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Latimer, Paul. "How to Ensure Disclosure of Information in Securities Markets Post-GFC." Common Law World Review 42, no. 2 (May 2013): 111–36. http://dx.doi.org/10.1350/clwr.2013.42.2.0249.
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Burgess, John, and Julia Connell. "Asia and the Pacific region: change and workforce adjustments post-GFC." Asia Pacific Business Review 19, no. 2 (April 2013): 162–70. http://dx.doi.org/10.1080/13602381.2013.767633.
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Connelly, Stephen. "When overseeing becomes overlooking: the post-GFC reconfigurations of international finance." Journal of Corporate Law Studies 16, no. 2 (June 23, 2016): 403–35. http://dx.doi.org/10.1080/14735970.2016.1191930.
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Singh, Namrata, Mamatha Reddy, and Gouthami Jajapuram. "Growth factor concentrate therapy for management of hair loss: a prospective, real-world study." International Journal of Research in Dermatology 9, no. 1 (December 26, 2022): 27. http://dx.doi.org/10.18203/issn.2455-4529.intjresdermatol20223341.
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<p class="abstract">The present pilot study was conducted to determine the role of growth factor concentrate (GFC) therapy, a modified platelet-rich plasma (PRP) technique for the management of androgenetic alopecia. In this study, patients diagnosed with androgenic alopecia were treated with subcutaneous injections of GFC in the scalp. A total of 3 injections were administered 4 weeks apart, and the patients were followed up for 24 weeks. The treatment outcomes were assessed by taking global macroscopic photographs, trichoscopic photomicrographs, and by performing a hair pull test after 24 weeks of therapy and compared to the baseline. To determine the safety of the treatment, the incidence of any adverse event was recorded throughout the study period. The patient’s self-satisfaction was assessed using a survey-based questionnaire at the end of the study period. The global macroscopic photographs showed a significant improvement in hair growth post-GFC therapy in all 5 patients. These findings were supported by trichoscopic photomicrographs, in which a pronounced improvement in hair density along with a decrease in the shaft diameter variability and number of yellow dots were observed. Hair pull test was found to be negative in 100% of patients 4 months post-therapy. The therapy was found to be well tolerated with high patient satisfaction (80%). GFC therapy was found to have a promising role in the management of androgenetic alopecia in both male and female patients.</p>
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Williams, Belinda Rachael, Simone Bingham, and Sonia Shimeld. "Corporate governance, the GFC and independent directors." Managerial Auditing Journal 30, no. 4/5 (May 5, 2015): 324–46. http://dx.doi.org/10.1108/maj-05-2014-1030.
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Purpose – The purpose of this study is to understand how board composition and independent non-executive director (INED) disclosures have changed in light of the global financial crisis (GFC) from an accountability perspective. Design/methodology/approach – Content analysis techniques were undertaken on a random sample of 75 publicly listed companies across two time periods, 2005 and 2010. Findings – The findings highlighted increased INED board membership and increased skill and experience disclosure across all board positions, with the most significant increase being the INED position. The results support the notion that firms are attempting to restore their accountability relationships post-GFC through more transparent mechanisms of governance. However, concerns are also raised in the way individual companies are meeting the ASX Corporate Governance independence requirements. Research limitations/implications – The results raise questions as to whether firms have implemented these changes to ensure effective governance and accountability responsibilities, or simply to give the appearance of good governance. Originality/value – Little attention has been given in the literature to the characteristics of INEDs and whether board changes have been made in the wake of corporate and financial crises. The findings from this study contribute to an understanding of board composition and disclosures pre- and post-GFC.
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Wijeweera, Albert, Peter Rampling, and Ian Eddie. "An Empirical Investigation of the Determinants of Firm Financial Performance." Business and Economic Research 10, no. 1 (March 25, 2020): 334. http://dx.doi.org/10.5296/ber.v10i1.16132.
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In this paper, we examine potential determinants of firm financial performance using data from 177 USA listed companies for three distinct periods; prior to GFC, during the GFC, and post GFC. Based on the literature we have selected a number of possible determinants and have categorized them into four different groups to facilitate the analysis. They are; (i) executive director and CEO remuneration and incentivisation factors, (ii) institutional ownership factors, (iii) board practice and diversity factors, (iv) remuneration committees and remuneration consultants’ factors. The market capitalisation (MCAP) is used as the dependent variable because actual profits and profit forecasts through continuous market disclosure have an immediate influence on share price, which in turn alters the MCAP of the respective company.Based on the results, the study concludes that for all three periods covered executive director and CEO remuneration variables are the most important determinants of financial performance of listed companies.
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Malik, Ashish. "Post-GFC people management challenges: a study of India's information technology sector." Asia Pacific Business Review 19, no. 2 (April 2013): 230–46. http://dx.doi.org/10.1080/13602381.2013.767638.
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Yahanpath, Noel, and Mahbubul Islam. "Evaluation of post-GFC policy response of New Zealand: non-banking perspective." Journal of Financial Regulation and Compliance 22, no. 4 (November 4, 2014): 328–38. http://dx.doi.org/10.1108/jfrc-09-2013-0029.
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Purpose – The purpose of this study is to explore whether the present measures being taken by the New Zealand (NZ) government are strengthening its non-banking sector effectively to address the recent financial crisis and ensure better financial stability to the economy. Design/methodology/approach – The basic methodology used in this paper is the “documentary research method”. For this study, data has been collected from various published sources; e.g. The Bulletin, the Financial Stability Report and other publications of the Reserve Bank of NZ, publications by Statistics NZ and a number of NZ government Ministries, and some newspapers and magazines, etc. Findings – We find that the NZ government is revamping the non-banking sector by introducing a prudential regime. However, we also find some gaps in the existing regulatory systems that need to be addressed to ensure soundness in the total system. Research limitations/implications – The basic limitation of documentary research will be applicable to this study. Further research may be carried out to investigate the policy responses of government from banking, corporate governance and other regulatory perspectives. Practical implications – Our study identifies some gaps in current policy responses along with some suggestions for the future that may be taken into consideration by the respective policy-makers to further strengthen the support provided by policy responses to financial crises. Originality/value – Our study provides a unique insight into the evaluation of post-GFC policy response and its effectiveness with regard to non-banking sector and, to our knowledge, the first of its kind in NZ in the post-global financial crisis period.
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Almujamed, Hesham I., and Mishari M. Alfraih. "Have accounting measures lost their usefulness after the 2008 global financial crisis?" Journal of Financial Reporting and Accounting 17, no. 4 (December 2, 2019): 589–603. http://dx.doi.org/10.1108/jfra-05-2018-0035.
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Purpose This purpose of this paper is to investigate the value relevance and incremental importance of earnings and book value in the Kuwaiti market to equity holders over time and in the context of the decade after the 2008 global financial crisis. Design/methodology/approach Following reports in the literature, the value relevance of earnings and book values was examined using the price valuation model provided by Ohlson (1995). Observations (2,817) were collected from all firms listed on the Kuwait Stock Exchange from 1994 to 2016. Findings The results suggest that the value relevance of earnings and book values declined over this period, and that the loss of value relevance for earnings data was greater than that for book value. The analysis provides evidence that the decline in value relevance of earnings and book value was driven by book values in the post-GFC period and suggests an exchange of value relevance between earning and book value post GFC. Practical implications The results are useful for regulators, analysts, investors and academics as an assessment of effectiveness of current financial reporting. There is a need for improvement because quality information helps equity holders determine value precisely. Timely financial reporting may mitigate the drop in value relevance of financial statements. Originality/value This is the first study to examine value relevance accounting measures of Kuwaiti companies, in the post-GFC context. It contributes to capital market research through an empirical examination of a frontier capital market.
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Okuro, Renata Tieme, Renata Maba Gonçalves, Maíra Seabra de Asumpção, Janaína Cristina Scalco, and Camila Isabel Santos Schivinski. "Teste de caminhada de seis minutos em crianças com doença respiratória crônica." ConScientiae Saúde 14, no. 4 (April 27, 2016): 524–31. http://dx.doi.org/10.5585/conssaude.v14n4.5651.
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Introdução: o teste de caminhada de seis minutos (TC6) é amplamente utilizado para avaliar a capacidade funcional em pediatria por ser de fácil administração e baixo custo. Objetivo: avaliar e comparar o desempenho de crianças saudáveis (GC), com fibrose cística (GFC) e síndrome da respiração oral (GRO) no TC6. Método: estudo transversal comparativo controlado. Realizaram-se dois TC6 (TC61 e TC62) segundo recomendação da American Thoracic Society. Aplicou-se o teste de normalidade de Shapiro-Wilk e, para comparação dos dois TC6 em cada grupo, realizou-se o teste-t pareado e posteriormente Anova post-hoc de Bonferroni para as distâncias percorridas (DPTC6). Resultados: participaram 51 crianças (oito a 12 anos), sendo 17 por grupo. Na comparação das DPTC6, apenas o GFC obteve desempenho inferior ao GC nos dois TC6 (p=0,001). Conclusão: o menor desempenho pelo GFC reforça o TC6 como instrumento sensível na avaliação da capacidade de exercício de crianças com doença pulmonar crônica.
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Gianfagna, Laura, Irene Crimaldi, and Davide Gallan. "The regulation of multilateral development banks: is it needed? A preliminary analysis." Journal of Financial Regulation and Compliance 29, no. 4 (July 3, 2021): 434–53. http://dx.doi.org/10.1108/jfrc-10-2020-0103.
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Purpose A difference is noted by comparing the net loans to the non-financial sector in the two sets of institutions. The post-global financial crisis (GFC), literature agrees on a reduced lending pace by financial institutions (FIs) as a result of stricter capital regulations. At the same time, an increasing volume of outstanding loans, directed even to advanced countries, characterize the balance sheet of several multilateral development banks (MDBs). Design/methodology/approach This paper observes how a different degree of banking regulation might have shaped the economic response to the GFC by FIs and MDBs. Findings The authors indicate that MDBs’ financing, with a coherent objective of countercyclical support to the economies hit by the GFC, seems to have filled a market gap caused by the FIs’ pro-cyclical lending reduction. Originality/value While a controversial issue is whether Basel standards should be imposed on MDBs, a harmonization amongst MDBs of their transparency and reporting standards might be beneficial: some preliminary consideration has been portrayed.
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Newell, Graeme, and Muhammad Jufri Marzuki. "The emergence and performance of German REITs." Journal of Property Investment & Finance 36, no. 1 (February 5, 2018): 91–103. http://dx.doi.org/10.1108/jpif-01-2017-0001.
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Purpose German real estate investment trusts (REITs) are a small but important property investment vehicle in the European REIT landscape, offering German commercial property investment exposure in a liquid format, compared to the more property development-focused German listed property companies and the popular German open-ended property funds. The purpose of this paper is to assess the emergence of the German REIT market and the risk-adjusted performance and portfolio diversification benefits of German REITs in a mixed-asset portfolio over 2007-2015. The post-global financial crisis (GFC) recovery of German REITs is highlighted. Enabling strategies for the ongoing development of the German REIT market are also identified. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of German REITs over 2007-2015 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of German REITs (and German property companies) in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of German REITs. Findings German REITs delivered lesser risk-adjusted returns compared to German stocks over 2007-2015, with limited portfolio diversification benefits. However, since the GFC, German REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with German stocks. German REITs also out-performed German property companies. Importantly, this sees German REITs as strongly contributing to the German mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications German REITs are a small but important market at a local, European and global REIT level. The results highlight the major role of German REITs in a German mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of German REITs compared to German stocks sees German REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds) use German REITs (and German listed property companies) to obtain their German property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of German REITs, and the role of German REITs as a listed property vehicle in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of German REITs in a portfolio.
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Beltran, Luisa, Michael N. Fahie-Wilson, T. Joseph McKenna, Lucille Kavanagh, and Thomas P. Smith. "Serum Total Prolactin and Monomeric Prolactin Reference Intervals Determined by Precipitation with Polyethylene Glycol: Evaluation and Validation on Common ImmunoAssay Platforms." Clinical Chemistry 54, no. 10 (October 1, 2008): 1673–81. http://dx.doi.org/10.1373/clinchem.2008.105312.
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Abstract Background: Macroprolactin is an important source of immunoassay interference that commonly leads to misdiagnosis and mismanagement of hyperprolactinemic patients. We used the predominant immunoassay platforms for prolactin to assay serum samples treated with polyethylene glycol (PEG) and establish and validate reference intervals for total and monomeric prolactin. Methods: We used the Architect (Abbott), ADVIA Centaur and Immulite (Siemens Diagnostics), Access (Beckman Coulter), Elecsys (Roche Diagnostics), and AIA (Tosoh) analyzers with samples from healthy males (n = 53) and females (n = 93) to derive parametric reference intervals for total and post-PEG monomeric prolactin. Concentrations of immunoreactive prolactin isoforms in serum samples from healthy individuals were established by gel filtration chromatography (GFC). We then used samples from 22 individuals whose hyperprolactinemia was entirely attributable to macroprolactin and 32 patients with true hyperprolactinemia to compare patient classifications and prolactin concentrations measured by GFC with the newly derived post-PEG reference intervals. Results: Parametric reference intervals for post-PEG prolactin in male and female serum samples, respectively, were (in mIU/L): 61–196, 66–278 (Centaur); 63–245, 75–381 (Elecsys); 70–301, 92–469 (Access); 72–229, 79–347 (Architect); 73–247, 83–383 (AIA); and 78–263, 85–394 (Immulite). Concordance between GFC and immunoassay-specific post-PEG reference intervals was observed in 311 of 324 cases and for 31 of 32 patients with true hyperprolactinemia and 17 of 22 patients with macroprolactinemia. Results leading to misclassification occurred in a few analyzers for 5 macroprolactinemia patient samples with relatively minor increases in post-PEG prolactin (mean 61 mIU/L). Conclusions: Our validated normative reference data for sera pretreated with PEG and analyzed on the most commonly used immunoassay platforms should facilitate the more widespread introduction of macroprolactin screening by clinical laboratories.
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Zekri, Mohammad Muzzammil, and Muhammad Najib Razali. "Volatility dynamics of Malaysian listed property companies within the Asian public property markets by using a switching regime approach." Journal of Financial Management of Property and Construction 25, no. 1 (October 29, 2019): 5–39. http://dx.doi.org/10.1108/jfmpc-03-2019-0026.
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Purpose This paper aims to examine the dynamic of volatility of Malaysian listed property companies within pan-Asian public property markets based on different volatility perspective over the past 18 years, especially during the global financial crisis (GFC). Design/methodology/approach This study uses several statistical methods and formulas for analysing the dynamic of volatility of Malaysian listed property companies such as exponential generalised autoregressive conditional heteroscedasticity (EGARCH) and Markov-switching (MS) EGARCH. The MS-EGARCH model provides new insights on the volatility dynamics of Malaysian listed property companies compared to conventional volatility modelling techniques, particularly EGARCH. Additionally, this paper will analyse the volatility movement based on three different sub-periods such as pre-GFC, GFC and post-GFC. Findings The findings reveal that the markets perform differently under different volatility conditions. Moreover, the application of MS-EGARCH provides a different view on the volatility dynamics compared to the conventional EGARCH model, as MS-EGARCH provides more comprehensive findings, especially during extreme market conditions. Originality/value This study contributes to the literature on the dynamics of Malaysian listed property companies within pan-Asian countries, as the approach for assessing the volatility performance based on different volatility conditions is less explored by previous researchers.
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Tran, Ngoc Phu, Thang Cong Nguyen, Duc Hong Vo, and Michael McAleer. "Market Risk Analysis of Energy in Vietnam." Risks 7, no. 4 (November 4, 2019): 112. http://dx.doi.org/10.3390/risks7040112.
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The purpose of this paper is to evaluate and estimate market risk for the ten major industries in Vietnam. The focus of the empirical analysis is on the energy sector, which has been designated as one of the four key industries, together with services, food, and telecommunications, targeted for economic development by the Vietnam Government through to 2020. The oil and gas industry is a separate energy-related major industry, and it is evaluated separately from energy. The data set is from 2009 to 2017, which is decomposed into two distinct sub-periods after the Global Financial Crisis (GFC), namely the immediate post-GFC (2009–2011) period and the normal (2012–2017) period, in order to identify the behavior of market risk for Vietnam’s major industries. For the stock market in Vietnam, the website used in this paper provided complete and detailed data for each stock, as classified by industry. Two widely used approaches to measure and analyze risk are used in the empirical analysis, namely Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR). The empirical findings indicate that Energy and Pharmaceuticals are the least risky industries, whereas oil and gas and securities have the greatest risk. In general, there is strong empirical evidence that the four key industries display relatively low risk. For public policy, the Vietnam Government’s proactive emphasis on the targeted industries, including energy, to achieve sustainable economic growth and national economic development, seems to be working effectively. This paper presents striking empirical evidence that Vietnam’s industries have substantially improved their economic performance over the full sample, moving from relatively higher levels of market risk in the immediate post-GFC period to a lower risk environment in a normal period several years after the end of the calamitous GFC.
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Copp, Richard I. "Teaching Finance in the Post-GFC Environment: Quomodo hic habetur, et Quo hinc?" Journal of Business Ethics Education 9, no. 9999 (2012): 41–61. http://dx.doi.org/10.5840/jbee20129specialissue35.
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Bryant, Lyndall. "An assessment of development funding for new housing post GFC in Queensland, Australia." International Journal of Housing Markets and Analysis 5, no. 2 (June 2012): 118–33. http://dx.doi.org/10.1108/17538271211225887.
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Galbreath, Jeremy, Mariano L. M. Heyden, and Trond Randoy. "A Comparison of Corporate Social Performance around the World Pre- and Post-GFC." Academy of Management Proceedings 2015, no. 1 (January 2015): 13714. http://dx.doi.org/10.5465/ambpp.2015.13714abstract.
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Pati, A. P. "Credit Risk Stress Testing Practices in BRICS: Post-global Financial Crisis Scenario." Global Business Review 18, no. 4 (May 8, 2017): 936–54. http://dx.doi.org/10.1177/0972150917692269.
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The impact of global financial crisis (GFC) was well pervasive with no exception to Brazil, Russia, India, China and South Africa (BRICS) nations. Banking being the conduit to the market was affected severely in many economies including BRICS, where credit risk emanated from non-performing loans (NPL) was ascribed as the main cause of concern. With the help of The World Bank data set of pre-GFC and post-GFC, this article attempts to look into the credit risk testing practices of BRICS. The Chow’s F-test based on NPL shows no shift in the profitability of banking across all the five economies, whereas a shift in the capital adequacy ratio (CAR) of Russia, India and China in post-crisis years was visible. The BRICS though has different political set-ups follow the international practice of credit risk stress testing for assessing the resilience of their banking sector. Before the crisis, International Monetary Fund (IMF) assessed stress testing for credit risk was in place with BRICS (except India) and currently all the countries are conducting such tests, either independently by their own central banks or with the help of IMF. Bank-specific tests, however, were not found. While India and South Africa are conducting such tests regularly, other three economies are lacking behind. Most of the assessments adopt simulated scenario analysis as well as sensitivity tests for credit risk. While India has been conducting the tests at macro, sector and bank group levels, others are concentrating on macro-level and bank group level. Though variations in selecting variables are found across BRICS, it was found to be very insignificant. The cautions that came along with these tests were mostly found for next 1 to 2 years indicating the test lacuna in predicting bank crisis on a long term.
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A. H. Elamir, Elsayed, and Gehan A. Mousa. "The use and trend of emotional language in the banks’ annual reports: the state of the global financial crisis." Banks and Bank Systems 14, no. 2 (April 22, 2019): 9–23. http://dx.doi.org/10.21511/bbs.14(2).2019.02.
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This study is of an exploratory nature as it seeks to explore the extent to which the language of emotions in the banks’ annual reports is affected by the global financial crisis (GFC). The language of emotions was analyzed using eight categories (trust, anticipation, sadness, anger, fear, disgust, surprise and joy) in annual reports of 12 listed banks from six countries in the Middle East area (namely, Jordan, Kingdom of Bahrain, United Arab Emirates, Sultanate of Oman, Kuwait, Kingdom of Saudi Arabia) from 2002 to 2017. The final data set consists of 192 bank-year observations. The study time was divided into three periods (pre, during and post GFC). In addition, the study enriches accounting literature by being the first study to test Pollyanna hypothesis using emotion analysis. The results of the study show that the percentage of emotional words in banks’ annual reports (2002–2017) represents almost 22% on average. The trust, anticipation and fear categories were the most affected than other emotional categories during GFC. While the trust category decreased, both the fear and anticipation categories increased. Other findings of the study show that regardless of GFC, emotional words of trust and anticipation categories in banks’ annual reports have dominated the emotional words of the disgust and surprise categories. Therefore, Pollyanna hypothesis is supported. In contrast to the emotional words of the joy category in banks’ annual reports which has not dominated the sadness category. In this case, Pollyanna hypothesis is rejected.
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Assenso-Okofo, Oheneba, Muhammad Jahangir Ali, and Kamran Ahmed. "The effects of global financial crisis on the relationship between CEO compensation and earnings management." International Journal of Accounting & Information Management 28, no. 2 (March 27, 2020): 389–408. http://dx.doi.org/10.1108/ijaim-08-2019-0101.
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Purpose This paper aims to examine the effects of global financial crisis (GFC) on chief executive officers’ (CEO) compensation and earnings management relationship. Specifically, the authors examine whether the recent financial crisis had moderated the relationship between CEO bonus and discretionary accruals. Design/methodology/approach The authors use panel data for 1,800 firm-year observations (over a period of six years from 2005 to 2010) and use univariate and multivariate tests to test their hypothesis. The authors divide the period into pre-crisis, during-crisis and post-crisis periods to examine how the different financial crisis periods affect the relationship between CEO compensation and earnings management. Various alternative tests including endogeneity test suggest that the results are robust. Findings The authors’ multivariate results indicate that the relationship between CEO’ compensation and earnings management changes because of the GFC. Practical implications The findings, therefore, justify more monitoring and scrutiny to limit the existence of opportunistic managerial behaviour and for the appropriate designing of CEO compensation packages during abnormal economic circumstances. Originality/value So far as the authors’ knowledge goes, this is the first study which examines the relationship between CEO compensation and earnings management during GFC.
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Brailsford, Tim, John C. Handley, and Krishnan Maheswaran. "The historical equity risk premium in Australia: post-GFC and 128 years of data." Accounting & Finance 52, no. 1 (August 4, 2011): 237–47. http://dx.doi.org/10.1111/j.1467-629x.2011.00435.x.
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Garanina, Tatiana, and John Dumay. "Forward-looking intellectual capital disclosure in IPOs." Journal of Intellectual Capital 18, no. 1 (January 9, 2017): 128–48. http://dx.doi.org/10.1108/jic-05-2016-0054.
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Purpose This study contributes to intellectual capital (IC) disclosure research. Focussing on reducing the information asymmetry associated with agency theory, the purpose of this paper is to investigate the extent to which managers and owners disclose IC in initial public offering (IPO) prospectuses. In particular, it examines the influence on post-issue stock performance based on the IPOs of technology companies listing on the NASDAQ from 2002 to 2013. Parallels are drawn to integrated reporting (<IR>), which was developed after the global financial crisis (GFC) because of the perceived shortcomings of regulated forms of financial reporting. Design/methodology/approach The authors apply a two-stage methodology, using content analysis of prospectuses to determine the extent of IC disclosure, then combining this data with market data using regression analysis to determine the influence of IC disclosure in IPO prospectuses on post-issue stock performance. Findings According to the content analysis results, these IPO prospectuses contain significant amounts of IC disclosure for the subsequent analysis. The authors find that after the GFC technology companies disclose more IC information. The econometric analysis also reveals that IC disclosure has a higher influence on post-issue stock performance after the GFC than before. Research limitations/implications The research shows how IPO prospectuses are a valid form of disclosure to investigate the impact of reducing IC information asymmetry because they contain significant amounts of forward-looking non-financial information about the company’s development. Additionally, the results are relevant to discussions about the impact of <IR>. If IC and non-financial disclosures contained in an integrated report are forward-looking and reduce information asymmetry then <IR> may have value relevance to a firm. Practical implications The research confirms that more IC disclosure information in prospectuses may positively influence companies’ post-issue stock performance, especially in the long run. However, the authors caution that disclosing IC information to investors is not the panacea for increased post-IPO share performance. Originality/value This paper is novel because it shows the value relevance of IC disclosures to reduce information asymmetry through its focus on prospectuses, which helps to understand of the potential impact of <IR>.
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Keeble-Ramsay, Diane Rose, and Andrew Armitage. "HRD challenges faced in the post-global financial crisis period – insights from the UK." European Journal of Training and Development 39, no. 2 (February 16, 2015): 86–103. http://dx.doi.org/10.1108/ejtd-04-2014-0033.
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Purpose – The paper aims to report initial empirical research that examines UK employees’ perceptions of the changing nature of work since the Global Financial Crisis (GFC) to consider how the financial context may have constrained HRD practice and more sustainable approaches. Design/methodology/approach – Focus group research was facilitated through collective group discussion. Through template analysis of the findings, thematic analysis was undertaken to extend prior research. Themes used by Hassard et al. (2009) in terms of the changing nature of the workplace between 2000 and 2008, were used to provide new data on HRD realities. Findings – Participants reported diminishing personal control over changes within the workplace and a cultural shift towards a harsher work climate. HRD was considered as silenced or absent and associated solely with low cost-based e-learning rather than acting in strategic role supporting sustainable business objectives. Research limitations/implications – Whilst providing only indications from employee perceptions, the research identifies a weakened HRD function. The key contribution of this paper lies with empirical evidence of post-GFC constraints placed upon HRD strategies. It further identifies whether alternative development approaches, mediated by organisational learning capabilities, might emancipate UK HRD. Social implications – This paper engenders a debate around the status of HRD within the UK organisations, further to the global financial crisis (GFC), where HRD might be viewed as at a juncture to argue a need for a shift from a financialised mode for people management towards one of greater people focus. Originality/value – This research provides initial findings of the impact of the economic climate. It considers new approaches which might resolve expiring HRD through more sustainable practices.
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Elkhishin, Sarah, and Mahmoud Mohieldin. "External debt vulnerability in emerging markets and developing economies during the COVID-19 shock." Review of Economics and Political Science 6, no. 1 (February 22, 2021): 24–47. http://dx.doi.org/10.1108/reps-10-2020-0155.
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Purpose This paper aims to assess to what extent the COVID-19 shock is expected to create a debt crisis in emerging markets and developing economies (EMDEs) through two main questions: what are the main determinants of EMDEs external vulnerability? How vulnerable are EMDEs to the current COVID-19 shock compared to the global financial crisis (GFC)? Design/methodology/approach In addition to a descriptive analysis of the determinants of EMDEs external vulnerability, this paper designs two sub-indices of overindebtedness and financial fragility that capture EMDEs’ distinct characteristics. The two sub-indices together illustrate the overall external vulnerability to the current shock. Findings EMDEs are more vulnerable compared to the GFC era. Current debt threats arise mainly from debt architecture and the domination of volatile debt forms – primarily foreign currency-denominated bonds. Excessive fear of debt-deflation spirals after the GFC prompted EMDEs to expand their growth trajectories through a pattern of cheap private lending, loose measures and unmonitored fiscal expansion. Research limitations/implications Conclusive post-crisis data are still unavailable. Practical implications EMDEs need to balance between temporary accommodative measures and a post-shock policy mix that prevent a deflation spiral without worsening indebtedness and financial fragility. Moreover, financial prudence in face of growing credit demand is crucial, particularly in light of the monetary expansion and injected liquidity. Originality/value The indices offer a framework for examining external vulnerability in EMDEs based on theoretical and historical revisions, IMF benchmarks and EMDEs specific debt characteristics. The indices components can be offered for empirical examination in separate future research once conclusive data become available.