Дисертації з теми "Loss of reputation"

This thesis examines the relevance of corporate governance to the likelihood of bank misconduct and subsequent reputational loss over the period 2000-2014. Regulatory enforcement actions issued by major U.S. banking supervisors are used to identify whether a bank has engaged in misconduct. I adopt the residual method to estimate the magnitude of reputational loss following the announcement of enforcement actions, and observe that potential reputational loss plays an important role in disciplining banks' behavior. I find board heterogeneity (i.e., board size and diversity) is significantly non-linearly associated with the likelihood of bank misconduct and the magnitude of the reputational loss.

This thesis examines reputation loss of firms violating Securities Law in China, where the legal system is incomplete and legal enforcement is weak. I find that reputation loss plays an important role in disciplining fraudulent Chinese firms, even in state-owned firms. The reputation loss is directly related to deteriorating 'terms of trade'. Restructuring firm through merger and acquisition (M&A) is ineffective in restoring damaged reputation in the short run.

Force est de constater l'absence dans les textes de loi d'une définition précise de la réparation intégrale et a fortiori de règles d'évaluation des dommages-intérêts compensatoires. La doctrine tente bien de pallier ce vide en décrivant les différents types d'indemnisation, notamment aux États-Unis. Pourtant, la difficulté reste entière lorsque le préjudice existe mais que son estimation est délicate ou incertaine. En effet, ces questions sont considérées uniquement comme des questions de faits ; les juges du fond restent donc souverains, ce qui débouche sur une grande imprévisibilité pour les parties. Réduire l'imprévisibilité judiciaire du dommage passe par le choix et la définition d'un cadre de travail commun. S'appuyant notamment sur les résultats d'une analyse empirique comparative de centaines de cas de jurisprudence, l'étude formalise des prescriptions à l'intention des parties qui souhaitent améliorer leurs chances de succès dans le recouvrement des gains manqués et de la perte de chance. Elle évoque aussi la nécessité d'améliorer la pratique judiciaire dans l'application du droit actuel à la réparation intégrale. Surtout, elle aboutit à une conclusion normative fondamentale qui consisterait à considérer le préjudice économique et financier, les dommages ­intérêts et le calcul du quantum également comme des questions de droit. Dès lors, il relèverait d'une bonne justice que la Cour de cassation préconisa et contrôla l'usage de telle ou telle méthode d'évaluation. Chaque chef de préjudice économique serait ainsi qualifié juridiquement et la notion de réparation intégrale serait élargie pour indemniser plus complètement le préjudice économique difficilement quantifiable.Il ressort enfin que des barèmes référencés d'indemnisation peuvent être construits à partir de l'observation de précédents jugés d'inexécutions contractuelles. L'introduction de ces barèmes pourrait bénéficier aux chercheurs dans leurs débats académiques, aux parties dans la rédaction de leurs contrats, aux conseils dans leurs échanges précontentieux voire aux juges comme outil d'aide à la décision. Si ces barèmes étaient validés et partagés, ils pourraient donner naissance à des modèles d'intelligence artificielle de type machine learning dont la valeur -notamment prédictive -serait sans commune mesure avec ce qu'on en perçoit aujourd'hui
Law statutes and codes lack of a precise definition of the « full compensation » principle, and a fortiori they Jack of rules for assessing compensatory damages. The legal doctrine tries to fil] in the blank by describing the different types of damages awarded, notably in the United States. Yet, the issue remains full when the Joss is certain but its valuation remains complex or uncertain. The assessment of the economic Joss and the calculation methodology for damages are considered to be only matters of facts: trial courts and judges thus retain a sovereign power, resulting in great uncertainty for the parties. Reducing judicial uncertainty requires the choice and creation of a common framework. Based on the results of an empirical law and economics analysis of several hundreds of precedent cases, the dissertation formulates simple and practical suggestions for parties looking to improve their chances of success in recouping lost profits and lost opportunities. It also evidences which improvements of the judicial systems are required in order to actually implement the current right to full compensation. More importantly the research reaches a fundamental nonnative conclusion: economic Joss, compensatory damages and hence, the calculation of the quantum granted should be considered, not as mere matters of facts but also as matters of law. Henceforth, it would be logical that the Cour de cassation ( or the highest court) advises and controls the use of calculation methodology. Each head of damages would thus be legally qualified and the principle of full compensation would be extended in order to better compensate the loss when evaluating its quantum is complex. It finally results that referenced compensatory scales can be practically developed from compiling relevant legal precedents. The introduction of such scales would benefit academics in their debates, parties in the drafting of their contracts and counsels in their pre-trial exchanges. Eventually, judges could use them as tools to assist their rulings. If those scales were to be adopted and shared, they would enable the creation of such artificial intelligence as machine learning which value - notably the predictive value - would far exceed what is perceived today

Managerial and regulatory focus in the financial industryhas been intensified due to a number of extremely costly and highly publicized events. Whenfraudulent activities or any improper business practices are revealed it may damage the bank’sreputation. In the end this can have a big impact on anyone who is any kind of stakeholder.Reputational risk and by what mechanism reputational risk is adversely affecting stock pricesis therefore of great importance for stakeholders. This study aims at providing insights and abetter understanding of reputational risk. We examine the reputational damage in banksresulting from operational losses and analyze the stock market reaction across the bankingindustry. Research question: What is the effect of operational loss announcements from internalfraudulent activities on competitors in the banking industry? The results show a positive cross-bank reaction during the observed period oftime. Furthermore, the cross-bank reaction is stronger when a reputational damage isrecognized in the bank where the loss occurred. The results show a positive cross-bankreaction during the observed period of time. Furthermore, the cross-bank reaction is strongerwhen a reputational damage is recognized in the bank where the loss occurred.

La réparation du dommage moral est source d’importantes divergences. Les montants élevés accordés dans quelques sentences ont engendré moultes controverses sur un sujet longtemps resté marginal dans le contentieux arbitral. Dans ce contexte, certains tribunaux arbitraux se sont écartés des solutions consacrées par le droit international. Au vu de ces développements jurisprudentiels et de l’importance croissante des droits fondamentaux dans les relations d’affaires internationales, il est devenu nécessaire de réaliser une revue complète de la question. Cette étude porte sur 368 sentences relatives au dommage moral prononcées dans l’arbitrage d’investissement, l’arbitrage du commerce international, ainsi que l’arbitrage du sport. Le sujet étant mis en perspective à travers l’histoire de la réparation de ce chef de préjudice et le droit comparé, ces travaux proposent une étude empirique de la notion de dommage moral dans la jurisprudence arbitrale. Les interrogations nouvelles relatives à la compétence et aux pouvoirs des arbitres en relation avec ce chef de préjudice sont étudiées. Les rapports dans l’arbitrage entre le principe de réparation intégrale et le droit à réparation du dommage moral, ainsi que les conditions exigées par la jurisprudence arbitrale, sont analysés afin de déterminer la philosophie de la réparation mise en œuvre par les arbitres. Enfin, l’étude aborde la question des remèdes disponibles (restitution en nature, indemnisation, satisfaction) et, en particulier, la fixation des indemnités versées pour le préjudice moral. Ces travaux montrent l’importance du droit à réparation du dommage moral et invitent à une approche plus cohérente de sa réparation
Compensation for moral damage is a source of significant discrepancies. The high amounts of compensation granted in a few arbitral awards have generated many arguments on the subject of moral damage, which has long remained marginal in arbitration. In this context, some arbitral tribunals have chosen to apply special rules that depart from the solutions enshrined in international law. In view of these developments and the growing importance of fundamental rights in international business relationships, it has become necessary to carry out a comprehensive review of the issue. This study covers 368 arbitral awards related to non-pecuniary loss in investment arbitration, international commercial arbitration and sports arbitration. The subject is being put into perspective through comparative law and the history of compensation for this kind of damage. This study proceeds to an empirical analysis of the concept of non-pecuniary loss in arbitration. New questions relating to the jurisdiction and powers of arbitrators in relation to this kind of damage are considered. The relation in arbitration between the principle of full compensation and the right to compensation for moral damages, as well as the conditions required by case-law in arbitration, are assessed in order to identify the philosophy of reparation implemented by arbitrators. Finally, this study addresses the question of the remedies available (restitution, compensation, satisfaction) and, in particular, the quantum for non-pecuniary loss. It also establishes the importance of the right to compensation for non-pecuniary loss and calls for a more consistent approach in this subject-matter

Despite the growing population of Internet customers, purchasing online can still be a confusing and overwhelming activity. Perceived risk plays a crucial role in online buying decisions. The mechanism of online customer feedback has been identified to improve trust and to reduce risk in online marketplaces. Feedback from previous customers greatly builds online vendor reputation and establishes trust, which positively influence the intent to purchase. This study aims to find out how a feedback system enhances vendor reputation and can thereby be used to mitigate product complexity and facilitate online purchasing decisions in the B2C environment. The cooperation with a feedback company creates an experimental setting that allows a relationship between positive feedback, conversion rate, arbitrations and feedback submissions to be inferred. The access to real feedback and transaction data allows the investigation of actual risk perception and the need for risk evaluation. This study considers both the user’s and the vendor’s interaction with the feedback system. Nelson’s (1970) product classification is used to divide product categories into different levels of product complexity. The study follows a positivist quantitative approach and applies deductive strategies and procedures to address the research objective. The author presents a number of hypotheses and has analysed data from 400 online stores that have implemented a feedback system. Transaction and feedback data were drawn from a feedback company database and have been analysed using linear regression and partial correlation. The results of this research indicate that product complexity has an inevitable influence upon an online buying process. The greater the transaction value (average price) and the functional/technical complexity of the product (product complexity), the more the presence of feedback grows in importance. However, the aspect of trust, that emerged due to of the percentage of positive feedback by past customers, only influences sales of highly complex products, which means that product category matters with regard to the trust transference theory. The findings identified different risk types which corraborate the theory that risk is multi-faceted. Finally this study provides valuable insights about the vendor's strategic work with a feedback system. The conclusions provide suggestions for online vendors as to how they can use online feedback systems as tools for dealing with the shortcomings associated with electronic commerce. It is important for vendors of complex products to invest in their reputation and to establish trust on the basis of feedback that is as positive as possible. By better understanding the relationships among positive reputation profiles and certain risk types (financial risk, product risk, physical risk, time risk), vendors may be able to take more appropriate actions in their efforts to make shopping online a less risky experience and motivate certain behaviour, such as purchasing. It is recommended that the vendor carries out proper complaint management in the form of arbitration procedures on negative feedback. A feedback system gives online vendors the advantage of protecting themselves against the negative opinions spread on the World Wide Web. The process of arbitrations enables vendors to show competence and has the ability to turn dissatified customers into satisfied customers. In order to enhance the online reputation, organisations should offer workshops on the efficacy of working with a feedback system and how to conduct arbitrations properly.

The purpose of this research is to examine whether U.S. banks that announced material operational risk loss (oprisk loss) events can still enjoy a lower cost of capital. I use the bank's credit rating as a proxy for the cost of debt capital, and the actual oprisk loss amounts announced by publicly traded U.S. banks for $10 million and over during the period 1998 to 2012 compiled from my own database. I also investigate whether the type of oprisk loss event and business line in which the loss event was incurred matter to credit rating agencies. I perform additional analysis to determine whether a downgrade in a bank's credit rating associated with the announcement of a material oprisk loss amount impacts the bank's reputation. This study focuses on the U.S. banking industry because of the increased market and regulatory scrutiny of oprisk losses; especially during the financial crisis of 2008 to 2010. The logistic analysis shows that banks' announcement of material oprisk loss amount is associated with a decline in credit ratings. The findings did not support the position that the type of loss event and business line in which the loss event was incurred matter to credit rating agencies. The results for the event study show that a downgrade in a bank's credit rating associated with an announcement of a material loss amount has a robust, statistically significant negative stock market reaction. Furthermore, the results reveal that the losses in market value significantly exceed the announced loss amounts associated with credit rating downgrades, indicating reputational loss to the banks. This research was limited to announcements of material oprisk loss amounts by U.S. banks publicly traded on major U.S. stock exchanges. Investigating the impact of announcements of material oprisk loss amounts by financial institutions publicly listed on major stock exchanges worldwide provides an avenue for future research. This study contributes to the literature on operational risk and the cost of debt capital as reflected in credit ratings by providing empirical evidence of the impact of oprisk losses on credit ratings of U.S. banks.

Walter Benington (1872-1936) was a major British photographer, a member of the Linked Ring and a colleague of international figures such as F H Evans, Alfred Stieglitz, Edward Steichen and Alvin Langdon Coburn. He was also a noted portrait photographer whose sitters included Albert Einstein, Dame Ellen Terry, Sir Arthur Conan Doyle and many others. He is, however, rarely noted in current histories of photography. Beaumont Newhall’s 1937 exhibition Photography 1839-1937 at the Museum of Modern Art in New York is regarded by many respected critics as one of the foundation-stones of the writing of the history of photography. To establish photography as modern art, Newhall believed it was necessary to create a direct link between the master-works of the earliest photographers and the photographic work of his modernist contemporaries in the USA. He argued that any work which demonstrated intervention by the photographer such as the use of soft-focus lenses was a deviation from the direct path of photographic progress and must therefore be eliminated from the history of photography. A consequence of this was that he rejected much British photography as being “unphotographic” and dangerously irrelevant. Newhall’s writings inspired many other historians and have helped to perpetuate the neglect of an important period of British photography. As a result, the work of key photographers such as Walter Benington is now virtually unknown. Benington’s central involvement with the Linked Ring and his national and international exhibition successes demonstrate his significance within post-1890 British photography. Recent moves in the writing of histories of photography have called for the exploration of previously unknown archives and collections. A detailed examination of a cross-section of Benington’s work will illustrate that he was a photographer of great distinction and marked individuality fully worthy of a major reappraisal.

La mineria és una indústria estratègica en les societats modernes. No obstant això, té una mala reputació entre l'opinió pública per la percepció del risc dels seus impactes socials i ambientals. Davant d'aquesta dicotomia s'enfronten Xile, Colòmbia, Mèxic i Perú, membres de l'Aliança del Pacífic -AP-, que pel 2020 projecta convertir-se en bloc miner mundial. Tenint en compte que els mitjans de comunicació influeixen en la formació de l'opinió pública i configuren la reputació, resulta fonamental conèixer com la premsa de la regió ha presentat la informació sobre el sector, contribuint amb la visibilitat i la valoració dels actors i els temes associats. Aquesta tesi doctoral es proposa avaluar la reputació mediàtica de la mineria en els quatre països de l'AP, a partir de les dades obtingudes mitjançant l'anàlisi de contingut quantitatiu i qualitatiu realitzat en les versions digitals de 20 diaris. Els resultats mostren que tant el sector com les empreses tenen una visibilitat mediàtica MEDIA i una valoració predominantment NEGATIVA pel tractament dels temes vinculats, tant amb la capacitat del negoci com amb la responsabilitat social.
La minería es una industria estratégica en las sociedades modernas. Sin embargo, tiene una mala reputación entre la opinión pública por la percepción del riesgo de sus impactos sociales y ambientales. Ante esta dicotomía se enfrentan Chile, Colombia, México y Perú, miembros de la Alianza del Pacífico -AP-, que para el 2020 proyecta convertirse en bloque minero mundial. Teniendo en cuenta que los medios de comunicación influyen en la formación de la opinión pública y configuran la reputación, resulta fundamental conocer cómo la prensa de la región ha presentado la información sobre el sector, contribuyendo con la visibilidad y la valoración de los actores y los temas asociados. Esta tesis doctoral se propone evaluar la reputación mediática de la minería en los cuatro países de la AP, a partir de los datos obtenidos mediante el análisis de contenido cuantitativo y cualitativo realizado en las versiones digitales de 20 diarios. Los resultados muestran que tanto el sector como las empresas tienen una visibilidad mediática MEDIA y una valoración predominantemente NEGATIVA para el tratamiento de los temas vinculados, tanto con la capacidad del negocio como con la responsabilidad social.
Mining is a strategic industry in modern societies. However, it has a bad reputation in the public opinion for their risk perception of its social and environmental impacts. Faced with this dichotomy are Chile, Colombia, Mexico and Peru, members of the Pacific Alliance -PA-, which plans to become a global mining trade block in 2020. Taking into account that the media influence the formation of public opinion and configure the reputation, it is essential to know how the regional press has reported on the sector, contributing with media visibility and favorability of the media actors and issues. This dissertation aims to evaluate the media reputation of mining in the four countries of the PA, with data obtained from quantitative and qualitative content analysis of 20 online newspapers. The results show that the industry and the companies have a MEDIUM media visibility and a predominantly NEGATIVE favorability for the treatment of related issues, both with corporate ability and with corporate social responsibility.

This research aims to explore and evaluate thirty Chinese and thirty Occidental high reputation companies’ social media performance on two most popular Chinese social media platforms: Sina Weibo and WeChat. A synthetic methodological procedure has been formulated and adopted in two case studies by incorporating KPIs, information architecture, content analysis and statistical method. A systematic measurement and classification framework has been established in three stages: initial two dimensional analyses (the level of activity and the level of interaction); synthetic cluster analysis (12 groups); the induction of five models. Ultimately, Xiaomi and McDonald’s were identified as the most successful representatives among all sixty companies on both platforms and the key factor for their success was excavated as creating users’ benefit-oriented content. Moreover, the worst ones and the normal ones were also identified. Meanwhile, the research results have demonstrated a series of similarities and differences in line with geography attributes and industries.
El objetivo de esta investigación es explorar y evaluar el impacto de la estrategia comunicativa en medios sociales de trenta empresas chinas y trenta empresas occidentales de reconocida reputación. Concretamente, el análisis se ha realizado en dos de las plataformas sociales chinas más conocidas: Sina Weibo y WeChat. Ambas plataformas se analizan como “casos de estudio”, aplicando diferentes procedimientos metodológicos: uso de plantillas KPIs, análisis de la arquitectura de la información, análisis de contenido, y métodos estadísticos. La tesis establece un marco sistemático de medición y clasificación en tres etapas: dos análisis dimensionales valorando los niveles de actividad y interacción; técnicas de agrupamientos; e identificación de modelos comunicativos corporativos. Se ha constatado que Xiaomi y McDonald’s son las empresas más exitosas de las sesenta analizadas en las dos plataformas. Su éxito se debe principalmente a su contenido, orientado a proporcionar beneficios a sus usuarios. Adicionalmente, los resultados demuestran la existencia de un conjunto de similitudes y diferencias determinadas por la zona geográfica y el sector industrial de las empresas.

La presente investigación tuvo como objetivo determinar como la Reputación Corporativa afecta la fidelización de los clientes de banca personal, el cual se centra en el sector bancario, específicamente en los 4 principales bancos de Lima metropolitana que son: BBVA, BCP, INTERBANK y SCOTIABANK. El tipo de investigación que se utilizó tiene un enfoque cuantitativo con un diseño experimental, descriptivo y correlacional. Para esta investigación participaron 309 encuestados, de los cuales, solo se tomó en cuenta a 300 encuestados debido a que solo ellos cumplieron con los filtros que se plantearon para el desarrollo de la encuesta. En la presente investigación se aplicó el indicador estadístico de coeficiente de “Rho de Spearman”, el cual mide el grado de correspondencia que existe entre los rangos. Asimismo, en la encuesta se utilizó la escala de “Likert” para las dos variables que se proponen, las cuales son: La Reputación Corporativa y la Fidelización del Cliente. Por otro lado, para validar las variables se usó el instrumento de confiabilidad “alfa de Cronbach”. Por último, la investigación generó resultados favorables que evidencian que la Reputación Corporativa afecta la fidelización de los clientes de banca personal a través de las dimensiones que componen cada variable.
The objective of this research was to determine how Corporate Reputation affects customer loyalty, focusing on the banking sector, mainly on the 4 main banks in metropolitan Lima which are: BBVA, BCP, INTERBANK and SCOTIABANK. The type of research is a quantitative approach with an experimental, descriptive and correlational design. For this research, 309 respondents participated, of which we only took 300 respondents because only they met the filters for our survey. In the present investigation, the statistical indicator Spearman Rho was applied, which measures the degree of correspondence that exists between the ranges. Likewise, in the part of the survey, the Likert scale was used for the two variables that are: Corporate Reputation and customer loyalty. On the other hand, to validate our variables we used the Cronbach's alpha reliability instrument. Consequently, the investigation generated favorable results that show that Corporate Reputation affects customer loyalty through the dimensions that make up each variable.
Tesis

碩士
國立臺灣大學
財務金融學研究所
99
In this paper we focus on huge operational loss events in European financial companies in the past 20 years. The reputation loss is our main focus. We collect the operational loss companies’ stock price and calculate the difference between market value loss and announced loss to represent the reputation loss when the company have operational loss event. We separate our sample into two groups by year and compare short-term and long-term performance of these two groups. We find that the companies suffer more reputation loss when they have operational loss after year 2000 in both short run and long run. We also compare the UK financial companies’ operational loss events with other European financial companies’, and we find UK financial companies suffer more reputation loss when they have operational loss.

Implications of corporate fraud on stock market exchanges are studied by performing 60 event studies on top ten corporate frauds, defined by the highest settlement amount, since 1996. Primarily, it is found that cumulative abnormal returns (CAR) from applying standard event study methodology identify high reputational losses of the wrongdoers’ share prices of on average - 31.00% around the filing date, bolstering previous findings. Furthermore, spillover effects are identified within the industry, amounting to c. -0.50% cumulative abnormal return, on average. Those industry spillovers are statistically significant on a 1% level and manifest a specific line of mixed and few evidence. Additionally, spillover effects are observed for companies that acted fraudulent within the two years prior to each of the ten events to see whether the market has a memory. Those fraud firm spillovers are significant with 95% confidence and amount to an average -0.20% CAR, contributing new and relevant findings to the literature body. Adding more factors to the model by applying Fama and French three factors bolsters those findings and robustness is further given by an extended event window.
As implicações da fraude corporativa nas bolsas de ações são estudadas através da realização de 60 estudos de eventos para as dez principais fraudes corporativas, definidas pelo maior valor de liquidação, desde 1996. Principalmente, verificou-se que os retornos anormais cumulativos (CAR), através da aplicação da metodologia do padrão de estudo de eventos, identificaram perdas significativas na reputação dos preços das ações dos devedores em torno da data de depósito, totalizando 31,00% em médio, reforçando resultados anteriores. Além disso, os efeitos de spillover são identificados dentro da indústria, totalizando, em média, c. -0,50% de retorno anormal cumulativo. Esses spillovers da indústria são estatisticamente significativos a um nível de 1% e manifestam uma linha específica de evidências misturadas e poucas. Posteriormente, foram observados efeitos de spillover em empresas que atuaram fraudulentamente dois anos antes de cada um dos dez eventos para verificar se o mercado possui memória. Esses spillovers das empresas fraudulentas são significativos com 95% de confiança e representam uma média de - 0,20% de CAR, contribuindo com descobertas novas e relevantes para o corpo da literatura. Ao adicionar mais fatores ao modelo, aplicando Fama e French, três fatores reforçam essas descobertas e a robustez é demonstrada por uma janela de eventos estendidos.

碩士
淡江大學
財務金融學系碩士班
104
The occurrence of operational risk events can affect the substance of the loss of financial institutions themselves, but also because of negative news may indirectly lead to the loss of financial institutions, resulting in reputational risk. This study examines the impact of reputational damage to the stock market reaction caused by operational risk events during 1993 to 2015. We adjust stock returns by adding the market capitalization of the banks and the operational loss to estimate the cumulative abnormal returns of reputational risk between operational risk event date, and measure factors that may affect the reputation risks. The results show that bank will occur reputational damage after suffer the operational risk events. Under different operational event types and different size of loss, bank operational risk events also affect reputational damage. In the all operational events sample, higher bank of international settlement ratio, bank size and lower intangible assets and price to book ratio increase the probability of reputational damage. The probability of reputational damage increase as financial leverage ratios and debt ratio increase and as return on total assets ratio, intangible assets decrease in the “Internal frauds” event type. The probability of reputational damage increase as financial leverage ratios and debt ratio increase and as return on total assets ratio and price to book ratio decrease in the “Internal frauds” event type. Higher financial leverage ratios, bank of international settlement ratio, debt ratio, return on total assets ratio and lower price to book ratio increase the probability of reputational damage in the “Execution delivery and process management” event type.