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International Journal of Financial Services Management最新文献

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Banking System Development, Small Businesses and Minority Lending in Nigeria 尼日利亚的银行系统发展、小企业和少数民族贷款
International Journal of Financial Services Management Pub Date : 2010-10-04 DOI: 10.1504/IJFSM.2010.035681
A. Ezeoha, K. Amaeshi
{"title":"Banking System Development, Small Businesses and Minority Lending in Nigeria","authors":"A. Ezeoha, K. Amaeshi","doi":"10.1504/IJFSM.2010.035681","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.035681","url":null,"abstract":"Improving the flow of investible finance to small businesses remains the main thrust of financial system reforms in most developing economies. At the same time, there are conflicting claims on how banking development, necessitated by financial system reforms, impacts on financing of small businesses. Using a co-integration and vector auto regression techniques, with quarterly time-series data spanning from 1970 to 2005, this study examines the long-run relationship between banking development and minority lending in Nigeria. It finds that the kind of structural changes that characterised banking development in Nigeria has negatively affected minority lending; and that flow of credits to small businesses may have largely been explained by prevailing high interest rates and inflation rates. An important implication of this result is that policy efforts to influence the direction of bank credits through some structural policy measures focusing on banking consolidation have not worked in favour of minority businesses.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131817127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Efficiency of Indian banks during 1999?2008: a stochastic frontier approach 1999年印度银行的效率如何?2008:随机前沿方法
International Journal of Financial Services Management Pub Date : 2010-10-04 DOI: 10.1504/IJFSM.2010.035682
M. Sreeramulu, N. H. Vaz, Sharad Kumar
{"title":"Efficiency of Indian banks during 1999?2008: a stochastic frontier approach","authors":"M. Sreeramulu, N. H. Vaz, Sharad Kumar","doi":"10.1504/IJFSM.2010.035682","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.035682","url":null,"abstract":"This paper compares the efficiency of Indian banking industry over two time periods, 1999–2003 and 2004–2008. Ownership effects in determining the efficiency are also compared in this paper. A Cobb–Douglas stochastic frontier model is adopted in order to estimate the bank efficiency. The analysis suggests that there is a substantial efficiency improvement in the Indian banking sector during 2004–2008 as compared with 1999–2003. The overall mean efficiency of Indian banks increased to 64% in 2004–2008 as compared to 30% during 1999–2003. In between labour and capital inputs, labour is found to be the dominant input factor in determining the overall banking efficiency. Labour efficiency improved significantly from 74% in 1999–2003 to 98% during 2004–2008. Among three ownership groups, domestic private sector banks are found to be most efficient in generating the banking output measured in terms of total business and total income. The improvements in the Indian banking sector are mainly attributed due to globalisation, deregulation and advances in information technology. Nevertheless, still there is a wide scope for Indian banking industry to improve efficiency further.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"181 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115133204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Efficiency, scale economies and valuation effects : evidence from bank mergers in India 效率、规模经济和估值效应:来自印度银行合并的证据
International Journal of Financial Services Management Pub Date : 2010-10-04 DOI: 10.1504/IJFSM.2010.035683
Rudra Sensarma, M. Jayadev
{"title":"Efficiency, scale economies and valuation effects : evidence from bank mergers in India","authors":"Rudra Sensarma, M. Jayadev","doi":"10.1504/IJFSM.2010.035683","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.035683","url":null,"abstract":"This paper examines two important issues related to bank mergers in India. First, we estimate potential economic gains of state-owned banks from consolidation. Scale economies, returns to scale and profit efficiency of state-owned banks during 1986 to 2007 are estimated based on stochastic frontier analysis. We find that many Indian banks exhibit potential cost savings from mergers, provided they rationalise their branch networks although profit efficiency may not rise immediately. Second, we measure the realised impact of bank mergers on shareholders' wealth based on event study analysis. We find that in the case of forced mergers, shareholders of neither the bidder nor the target banks benefited. In the case of voluntary mergers, the bidder banks' shareholders gained more than the target banks' shareholders.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129817019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Bank regulation: a controlled incentive for earnings management 银行监管:对盈余管理的可控激励
International Journal of Financial Services Management Pub Date : 2010-10-04 DOI: 10.1504/IJFSM.2010.035680
Katerina Morphi
{"title":"Bank regulation: a controlled incentive for earnings management","authors":"Katerina Morphi","doi":"10.1504/IJFSM.2010.035680","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.035680","url":null,"abstract":"Under the political cost hypothesis of Positive Accounting Theory (PAT) managers of large profitable firms are expected to make income decreasing accounting choices in order to reduce the adverse effects of political costs, such as costs of increased labour demands or costs of government intervention that may step in with more regulation or taxation to lower profitability. In the banking industry, the political consideration creates incentives to manage earnings upwards because banks face regulatory monitoring that is explicitly tied to accounting numbers. The purpose of this paper is to explain how bank regulation creates an incentive for earnings management and how changes in regulatory standards and prudential supervision limit managerial flexibility for creative accounting.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132235854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Factors affecting expected stock returns: evidence from the secondary and tertiary sectors of the Athens stock exchange 影响预期股票收益的因素:来自雅典证券交易所第二和第三部门的证据
International Journal of Financial Services Management Pub Date : 2010-08-09 DOI: 10.1504/IJFSM.2010.034551
Panagiotis G. Artikis, Sotirios G. Vrakas, Eustathia D. Karmi
{"title":"Factors affecting expected stock returns: evidence from the secondary and tertiary sectors of the Athens stock exchange","authors":"Panagiotis G. Artikis, Sotirios G. Vrakas, Eustathia D. Karmi","doi":"10.1504/IJFSM.2010.034551","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.034551","url":null,"abstract":"The present study investigates the effect of systematic risk, size and value on the returns of stocks of the secondary and the tertiary sector of the Athens Stock Exchange. The holdout sample is divided in two sub-samples, for the period 1997?2006. The methodology employed is the time-series approach and the Capital Asset Pricing Model (CAPM) and the Fama and French Three Factor Model are applied. Monthly returns on portfolios of stocks are regressed against the returns of a market portfolio of stocks and mimicking portfolios for size and book-to-market equity. The results seem to be supportive of the 3FM model in both sectors. The 3FM has significant power in capturing the variation of average stock returns. Furthermore, it yields more precise estimates as compared to the CAPM. However, the results of the empirical tests agree that these three factors do not constitute a parsimonious set of explanatory variables.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116044372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Bankruptcy prediction using auditor size and auditor opinion 利用审计规模和审计意见进行破产预测
International Journal of Financial Services Management Pub Date : 2010-08-09 DOI: 10.1504/IJFSM.2010.034553
Chrysovalantis Gaganis, Pavlos Sochos, C. Zopounidis
{"title":"Bankruptcy prediction using auditor size and auditor opinion","authors":"Chrysovalantis Gaganis, Pavlos Sochos, C. Zopounidis","doi":"10.1504/IJFSM.2010.034553","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.034553","url":null,"abstract":"In the present study, we investigate the explanatory power of information such as auditors' opinion and auditors' size in predicting impending bankruptcy for companies operating in the Greek market. Using nine financial ratios and two dummy variables, covering all dimensions of firms' financial performance, we initially develop two classification technique based models, Artificial Neural Networks (ANN) and Discriminant Analysis (DA). Our main purpose is to find out if the integration of the variables of audit opinion and auditor size in the initial models increases their ability in predicting impending bankruptcy. A comparison of the prediction accuracy of these two models before and after the integration of the additional informational variables is also included. The results indicate that both models achieve more satisfactory classification accuracy in discriminating bankrupted and non-bankrupted firms when the variables of audit opinion, auditors' are incorporated in the analysis compared to the use of financial ratios, only.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116792721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
European Union enlargement and equity cost: an empirical analysis on risk sharing and market integration 欧盟扩大与股权成本:风险分担与市场一体化的实证分析
International Journal of Financial Services Management Pub Date : 2010-08-09 DOI: 10.1504/IJFSM.2010.034550
H. Basdekis
{"title":"European Union enlargement and equity cost: an empirical analysis on risk sharing and market integration","authors":"H. Basdekis","doi":"10.1504/IJFSM.2010.034550","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.034550","url":null,"abstract":"This paper provides an empirical investigation of the manifestation of risk in the cost of equity within the European Union. Risk is measured in terms of legal, political and currency factors. The methodology uses an extended version of the capital asset pricing model, applied to the sample for two time periods, with reference to each country's official incorporation to the EU. In particular, the paper examines the contribution of each risk factor before and after the 2003 European enlargement and, in an attempt to assess the level of 'European homogeneity', it tests for convergence in the cost of capital. The results verify the significance of the preceding risk variables in the formation of the cost of equity and the discrepancy between the convergence rates of new and old members.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"194 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121115331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Towards analysing training needs: a case study in a Greek bank 培训需求分析:以一家希腊银行为例
International Journal of Financial Services Management Pub Date : 2010-08-09 DOI: 10.1504/IJFSM.2010.034552
E. Krassadaki, N. Matsatsinis, Anastasia K. Hanzis
{"title":"Towards analysing training needs: a case study in a Greek bank","authors":"E. Krassadaki, N. Matsatsinis, Anastasia K. Hanzis","doi":"10.1504/IJFSM.2010.034552","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.034552","url":null,"abstract":"This paper is part of a broader research project, which aims to upgrade the existing human resource procedure of a bank to a strategic human resource management approach. In this aspect, five dimensions were considered: selection, career, performance, reward and training. As part of the project, an integrated information system for skills and training management was developed. Therefore, the fundamental step was the enrichment of the existing job descriptions. This paper presents a seven-step methodology, which decomposes job positions to roles and tasks, and tasks to the required knowledge, skills and competences, in order for an employee to accomplish a job. The results can be used as a tool towards analysing training needs. The basic assumption of this methodology is the fact that employees usually undertake more than one role during their working time, which is the case for most bank branches in Greece.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"116 23","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113935146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
An aggregate measure of financial ratios using a multiplicative DEA model 使用乘法DEA模型的财务比率的汇总度量
International Journal of Financial Services Management Pub Date : 2010-04-05 DOI: 10.1504/IJFSM.2010.032435
Ali Emrouznejad, Emilyn C. Cabanda
{"title":"An aggregate measure of financial ratios using a multiplicative DEA model","authors":"Ali Emrouznejad, Emilyn C. Cabanda","doi":"10.1504/IJFSM.2010.032435","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.032435","url":null,"abstract":"This paper examines the problems in the definition of the General Non-Parametric Corporate Performance (GNCP) and introduces a multiplicative linear programming as an alternative model for corporate performance. We verified and tested a statistically significant difference between the two models based on the application of 27 UK industries using six performance ratios. Our new model is found to be a more robust performance model than the previous standard Data Envelopment Analysis (DEA) model.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124616525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
One-day-ahead value-at-risk estimations with dual long-memory models: evidence from the Tunisian stock market 基于双长记忆模型的一天前风险价值估计:来自突尼斯股市的证据
International Journal of Financial Services Management Pub Date : 2010-04-05 DOI: 10.1504/IJFSM.2010.032433
Samir Mabrouk, C. Aloui
{"title":"One-day-ahead value-at-risk estimations with dual long-memory models: evidence from the Tunisian stock market","authors":"Samir Mabrouk, C. Aloui","doi":"10.1504/IJFSM.2010.032433","DOIUrl":"https://doi.org/10.1504/IJFSM.2010.032433","url":null,"abstract":"In this paper, we assess the one-day-ahead Value-at-Risk (VaR) performance for the Tunisian Stock Market (TSE). Using the ARFIMA-FIGARCH and ARFIMA-FIAPARCH models under three alternative innovation distributions: normal, Student and skewed Student, we show that the ARFIMA-FIAPARCH with skewed Student innovations outperforms the other models since it jointly considers the asymmetry, long-range memory and fat-tails in the TSE return behaviour. This model provides the better results for in and out-of-sample VaR estimations for both short and long trading positions.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127863731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
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