AESTIMATIO : the IEB International Journal of Finance最新文献

{"title":"How do we assess the quality of corporate financial reporting? A methodological issue","authors":"Md. Shamimul Hasan, N. Omar","doi":"10.5605/ieb.13.1","DOIUrl":"https://doi.org/10.5605/ieb.13.1","url":null,"abstract":"espanolEl proposito de este estudio es mostrar una nueva manera de evaluacion de la calidad de la informacion financiera corporativa. Se evalua la calidad de dicha informacion en Bangladesh, un pais con claro predominio familiar, con, practicamente, un entorno no regulado en el que son los incentivos de gestion, mas que la influencia regulatoria, los que generan mas propension a la divulgacion y otras cuestiones relacionadas con la informacion. Se consideran tanto medidas cuantitativas como cualitativas para dar cabida a distintos aspectos de la informacion financiera, ya que una unica variable proxy no cumple con dicha funcion. Las variables cuantitativas son el indice global de divulgacion de la informacion (proxy 1) y los devengos (corporativos, proxy 2), mientras que como variable cualitativa se utilizan las percepciones de los usuarios externos de la informacion financiera (proxy 3). La consecuencia de una menor calidad en los informes financieros se traduce en un menor indice de divulgacion de la informacion, mayores devengos “corporativos” y una impresion negativa por parte de los usuarios. Este articulo proporciona una nueva manera de medir la calidad de la informacion financiera y aporta dos nuevas variables proxy (proxy 1 y proxy 3) a la literatura existente sobre la cuestion EnglishThe purpose of this study is to show a new way of assessing the quality of corporate financial reporting. We assess the quality of corporate financial reporting in Bangladesh, a country where the family predominates and the business environment is virtually unregulated, with managerial incentives rather than regulatory influence more likely to induce disclosures and to influence other reporting issues. Both quantitative and qualitative measures are taken into consideration to account for various aspects of financial reporting, as a single proxy does not cover multiple aspects. The overall disclosure index (proxy 1) and corporate accruals (proxy 2) are taken as quantitative measures, while external users’ perceptions about financial reporting (proxy 3) are taken as a qualitative measure. Lower disclosure index values, higher corporate accruals, and users’ negative impressions result from lower quality financial reports. This study provides a new way of measuring the quality of financial reporting and contributes two new proxies (proxy 1 and proxy 3) to the existing literature on assessing the quality of financial reporting","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115058055","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}

{"title":"Constructing hedonic art price indexes for the Polish painting market. Using direct and indirect approaches","authors":"D. Witkowska, K. Kompa","doi":"10.5605/IEB.10.5","DOIUrl":"https://doi.org/10.5605/IEB.10.5","url":null,"abstract":"espanolLas obras de arte pueden ser consideradas tanto desde la perspectiva de su atractivo estetico como desde el punto de vista de una oportunidad de inversion. La inversion en arte ha sido considerada como una alternativa de inversion con vistas a la diversificacion de la cartera, o como un colateral, especialmente en situaciones de incertidumbre en los mercados financieros. Sin embargo, se debe poner de manifiesto que las caracteristicas especificas de las obras de arte implica la imposibilidad de comparacion entre la inversion en arte y la inversion en activos convencionales. Para dar respuesta a la pregunta relativa a si la inversion en arte es o no una inversion acertada, es necesaria la estimacion de sus rendimientos esperados, lo cual implica la elaboracion del correspondiente indice de precios hedonicos. El objetivo de este articulo es el analisis de las obras de arte como activos de inversion y la elaboracion del indice de precios de las pinturas de 17 artistas polacos, precios que se negociaron en la mayoria de las ocasiones en subastas realizadas en Polonia en el periodo 2007-2013. A partir de los precios de 1.710 pinturas, se aplica la metodologia de indices hedonicos para la estimacion de los rendimientos de dicho mercado EnglishArtworks can be considered either as an aesthetic attraction or as an investment opportunity. Investing in art has been treated as an alternative investment asset used to diversify the portfolio or as collateral, especially during times of uncertainty in financial markets. It should, however, be noted that certain specific features of artworks mean that investment in art cannot be compared to investment in conventional assets. In order to decide whether art is a good investment, it is necessary to estimate the expected returns that might be generated by such an investment. This requires the development of an art price index. The aim of this paper is to examine artworks as investment assets and to construct a price index of paintings made up of 17 Polish artists whose artworks were most often traded at auctions held in Poland between 2007 and 2013. In our research, we employ data on 1710 objects and apply the hedonic index methodology to estimate returns from the paintings market","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130322781","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}

{"title":"Mergers and acquisitions: types, principles, historical information and empirical evidence from the Greek banking sector","authors":"Gerasimos G. Rompotis","doi":"10.5605/IEB.10.2","DOIUrl":"https://doi.org/10.5605/IEB.10.2","url":null,"abstract":"espanolEste articulo describe los tipos y principios fundamentales de las fusiones y adquisiciones, politica estrategica adoptada por muchas companias de todo el mundo en su esfuerzo por expandir su negocio, entrar en nuevos mercados, sectores y paises, asi como por mitigar la competencia de otros rivales. Ademas de la descripcion de los diferentes tipos de fusiones y adquisiciones, se desglosan las motivaciones que subyacen a tales acciones, junto con los obstaculos y contra-incentivos que pudieran hacer fracasar tales acuerdos, asi como se estudia la importante cuestion de su financiacion. A continuacion, se lleva a cabo un breve analisis de las tendencias actuales en el curso de las fusiones y adquisiciones. Posteriormente, el articulo se centra en la ola de recientes adquisiciones en el sector bancario griego, destacando el caso de la absorcion del Emporiki Bank por el Alpha Bank. El analisis realizado proporciona cierta evidencia del efecto positivo en el valor de la cartera de los de los accionistas del Alpha Bank provocado por el anuncio de tal absorcion EnglishThis paper describes the types and main principles of mergers and acquisitions, a strategic policy adopted by many firms worldwide in their efforts to expand their business, enter new markets, sectors and countries as well as to mitigate the competition they face from rivals. In addition to the description of the various types of mergers and acquisitions, the motivations behind such actions are broken down along with the obstacles and counterincentives that can lead to the failure of such deals and the significant issue of financing a merger or an acquisition. A brief analysis of the recent trends in international mergers and acquisitions is subsequently provided. The paper goes on to focus on the recent wave of acquisitions in the Greek banking sector by highlighting the case of Alpha Bank’s takeover of Emporiki Bank. The analysis performed provides some evidence of a positive financial effect for Alpha Bank’s shareholders as a result of the announcement of that takeover","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122548615","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}

{"title":"Discrete-time affine term structure models with macroeconomic factors: Applied to German covered bonds","authors":"Xeniya Polikhronidi, Vicente Jakas","doi":"10.5605/IEB.11.1","DOIUrl":"https://doi.org/10.5605/IEB.11.1","url":null,"abstract":"espanolEn este articulo se calibra la estructura temporal de tipos de interes de las obligaciones alemanas garantizadas, asi como se explica su dinamica en un contexto similar al de Jakas (2011, 2012). Sin embargo, en este articulo se utilizan los dos enfoques de los modelos afines: bajo la condicion de no arbitraje y con la violacion de esta condicion. Tambien, de forma similar a Jakas (2011, 2012), el factor de descuento estocastico da cuenta de factores macroeconomicos tales como las expectativas del consumidor, la tasa de desempleo, la tasa de inflacion y la oferta monetaria. En el enfoque de no arbitraje, las curvas de rendimientos se calibran mediante un modelo afin multifactorial de estructura temporal discreto en el tiempo. Curiosamente, cuando se ignora la condicion de no arbitraje, los coeficientes del modelo pueden tomar valores positivos y negativos a lo largo de la curva, algo que no es posible reproducir con la condicion de no arbitraje afin. En general, los resultados empiricos confirman los de la literatura macrofinanciera en el sentido de que los factores macroeconomicos explican en gran medida los movimientos de la estructura de tipos de interes. De forma similar a la literatura sobre la cuestion, se documenta el hecho de que la influencia de las variables macroeconomicas es mas pronunciada en la parte mas baja de la curva. EnglishIn this paper we calibrate the term structure of interest rates of German covered bonds and explain its dynamics in a similar set up to Jakas (2011, 2012). However, two approaches to the affine model are employed here: (i) including and (ii) disregarding the no-arbitrage condition. Similar to Jakas (2011, 2012) the stochastic discount factor (SDF) accounts for such macroeconomic factors as consumer expectations, unemployment rate, inflation rate and money supply. When including no-arbitrage, the yield curves are calibrated using a discrete time affine multifactor term structure model. Interestingly, when the no-arbitrage condition is disregarded, coefficients can take both positive and negative values along the yield curve, something that does not occur with an affine no-arbitrage model. Overall, the empirical findings in this study confirm the observations in the macrofinance literature, suggesting that macroeconomic factors have a strong explanatory power in the movements of the term structure of interest rates. We also find that the influence of macroeconomic variables is more pronounced at the front end rather than on longer maturities","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"810 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128004314","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}

{"title":"Use of hybrid debt early redemption during the financial crisis","authors":"Jakub Marszałek","doi":"10.5605/IEB.12.5","DOIUrl":"https://doi.org/10.5605/IEB.12.5","url":null,"abstract":"espanolEl objetivo de este articulo es el analisis de los cambios en las condiciones de financiacion de las empresas que utilizan bonos convertibles con clausula de rescate anticipada a favor del emisor/tenedor (opcion de compra/venta implicita). El estudio se ha llevado a cabo en dos periodos temporales: antes y despues del estallido de la crisis financiera. El objetivo del mismo es la confirmacion de que la utilizacion de la clausula de rescate anticipado da lugar a mejores condiciones en la captacion de capital que la deuda hibrida tradicional. En el analisis llevado a cabo se han incluido las caracteristicas mas importantes de los bonos convertibles emitidos por las empresas no financieras americanas, antes y despues de la crisis de 2008. Se han utilizado diferentes tests estadisticos para contrastar la igualdad de las caracteristicas de los bonos: test de diferencias significativas, test t para muestras independientes y test de Mann-Whitney; tambien se ha llevado a cabo un analisis de la varianza de dos factores. De los resultados obtenidos se desprende que las peores condiciones economicas llevaron a vencimientos de la deuda, periodos de conversion y primas de conversion mas cortos; se observo tambien un incremento en la ratio de conversion. Sin embargo, los cambios observados se amortiguaron en el caso de los bonos con clausulas de rescate anticipado o, en otros terminos, opciones de compra/venta implicitas. Esto significa que la crisis financiera ha empeorado las condiciones de financiacion hibrida y que la opcion de compra/venta implicita calmo esta situacion al reducir la problematica financiera entre la empresa y los inversores EnglishThe goal of the paper is to analyse the changes in financing conditions of enterprises using convertible bonds, especially those enhanced by the early redemption call/put option. The study was conducted over two periods: before and after the global financial crisis outbreak. The paper has been hypothesized, confirming the use of the call/put option to raise capital on better terms compared to traditional hybrid debt. The study involved the major characteristics of convertible bonds issued by US non-financial corporations before and after the crisis of 2008. To evaluate the differences between the characteristics of bonds, statistical analysis based on significant differences test, t-test for independent samples, the Mann-Whitney test and two-factor analysis of variance were employed. The analysis shows that the worse the economic conditions, the shorter the debt maturity, conversion time and conversion premiums. An increased conversion ratio was also observed. These changes, however, are lower for bonds enhanced by the call/put option. This means that the financial crisis has worsened the conditions of hybrid financing. The call/put option eased this change by reducing the financial distress between the company and investors","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129884411","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}

{"title":"Risk-return dynamics: evidence from the energy and utilities sector in India","authors":"K. Banumathy, R. Azhagaiah","doi":"10.5605/ieb.11.5","DOIUrl":"https://doi.org/10.5605/ieb.11.5","url":null,"abstract":"espanolEl objetivo del trabajo es examinar la dinamica riesgo-rendimiento en el mercado de valores indio, asi como tambien identificar el comportamiento de los rendimientos tanto en el largo como en el corto plazo, utilizando para ello el precio de cierre diario de la Bolsa de Valores de Bombay 500 para el periodo comprendido entre el 1 de enero de 2003 y el 31 de diciembre de 2012. De las 500 empresas, este articulo se centra en doce empresas del sector de la Energia y los Servicios Publicos. El resultado de los analisis llevados a cabo, utilizando un modelo autorregresivo generalizado de heteroscedasticidad condicional en media (GARCH-M (1,1)), indica que la hipotesis nula de inexistencia de relacion significativa entre el riesgo en el sector Energia y Servicios Publicos es rechazada para Chennai Petroleo Corporation Ltd., pero aceptada para las otras once empresas del sector consideradas en este articulo EnglishThe objective of the paper is to examine the risk and return dynamics of Indian stock returns and also to identify both the long-run and the short-run behaviour of stock returns using the daily closing price of the Bombay Stock Exchange 500 companies for a 10-year period from 1st January 2003 to 31st December 2012. Of the 500 companies, the study focuses on 12 companies from the Energy and Utilities sector. The results of the analyses of the relationship between stock returns and volatility based on daily data and using a Generalised Autoregressive Conditional Heteroscedasticity (GARCH-M (1,1)) model allows us to reject the null hypothesis of no significant relationship between risk and return of Chennai Petroleum Corporation Ltd. However, this hypothesis is accepted for all the other selected companies of the Indian Energy and Utilities sector","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124472676","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}

{"title":"Assessing the effect of domestic resource mobilization on the economic growth of Cameroon","authors":"Vukengkeng Andrew Wujung, Fozoh Isiah Aziseh","doi":"10.5605/IEB.12.4","DOIUrl":"https://doi.org/10.5605/IEB.12.4","url":null,"abstract":"espanolEn este trabajo se concluye que, a pesar de los esfuerzos realizados para aumentar la movilizacion de recursos internos en aras de un mayor crecimiento economico en Camerun, el ritmo de crecimiento de dichos aumentos no ha sido seguido por el ritmo de crecimiento economico. En este contexto, este articulo evalua empiricamente el efecto de la movilizacion de los distintos capitulos de recursos nacionales en el crecimiento economico de Camerun. La investigacion empirica se lleva a cabo con informacion de los indicadores de desarrollo del Banco Mundial para Camerun en el periodo 1980- 2013. En el analisis empirico llevado a cabo se utilizan instrumentos de estadistica descriptiva y el metodo de los momentos generalizado con variables instrumentales. Los resultados muestran la existencia de una relacion positiva significativa entre las distintas vertientes de los recursos nacionales y el crecimiento economico camerunes. Desde la perspectiva de la actuacion politica, una conclusion importante es que, ademas de la implementacion de reformas fiscales, para que Camerun pueda financiar sus programas de desarrollo se necesitan medidas como la ampliacion de la base imponible, fuentes alternativas de ingresos, y reformas institucionales EnglishThis paper observes that despite the efforts made to enhance domestic resource mobilization as a means of boosting economic growth in Cameroon, the economy does not seem to grow at the same rate. Against this background, this paper empirically assesses the effect of mobilizing various sources of domestic resources on the economic growth of Cameroon. The empirical investigation is carried out using data from the World Bank’s development indicators (WDI, 2014) for Cameroon for the period 1980- 2013. Descriptive statistics and the Instrumental Variable Generalized Method of Moments (IVGMM) were used to analyze the data. The results show that there is a positive and significant relationship between the various sources of domestic resources and economic growth in Cameroon. From a policy perspective, an important conclusion is that in addition to implementing tax reforms, measures such as widening the tax base, finding alternative sources of revenue, and institutional reforms are needed for Cameroon to fund its development programmes","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132623430","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}

{"title":"An examination of the Portuguese banking sector crisis","authors":"V. Pereira, J. Filipe","doi":"10.5605/IEB.13.6","DOIUrl":"https://doi.org/10.5605/IEB.13.6","url":null,"abstract":"espanolEl objeto de este trabajo es el analisis de la evolucion de determinados aspectos del sector bancario portugues a partir de la informacion proporcionada por instituciones monetarias financieras, asi como su comparacion con la eurozona, sobre todo tras la crisis de las subprime originada en Estados Unidos en 2007. Ademas, se ofrece informacion de interes relativa a la gobernanza corporativa de los bancos portugueses (por ejemplo, modelo de gobernanza, cuestiones de genero, dimension del Consejo, retribucion de los ejecutivos, cualificacion de los miembros del Consejo). Resulta particularmente interesante comprobar que, tras el rescate que tuvo lugar en 2011, el sistema bancario portugues comenzo un proceso reduccionista no solo en lo que se refiere al numero de oficinas, sino tambien en el ambito de los recursos humanos. Por lo que se refiere a las caracteristicas de los consejos de direccion, la mayoria de los bancos portugueses apuestan por el modelo latino de gobernanza. Otros aspectos que merece la pena destacar son el escaso numero de bancos portugueses que cotizan en bolsa y la poca participacion de la mujer en los consejos de direccion. EnglishThe purpose of this research is to analyse the trends in data from monetary financial institutions (MFIs) in Portugal compared to the Euro Area. The analysis principally focuses on the period after the subprime crisis, which started in 2007 in the USA. Moreover, this article exposes some interesting data about corporate governance in Portuguese banks (e.g. governance model, gender, board dimension, executive compensation, board members’ qualifications). Of particular note is the fact that after the bail-out of Portugal in 2011, the Portuguese banking system started a process of downsizing evidenced not only by the reduction in the number of branches but also cuts to human resources. In terms of board characteristics, it is evident that the majority of Portuguese banks use the Latin model of corporate governance. Furthermore, only a small number of Portuguese banks are listed (a total of three were registered). Another aspect of note is the limited presence of women on boards of directors","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132444990","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}

{"title":"Implications of the financial crisis on the soundness of the banking system in the Republic of Moldova: Implicaciones de la crisis financiera en la solidez del sistema bancario dela República de Moldavia","authors":"Dorina Clichini, C. Gribincea","doi":"10.5605/IEB.10.4","DOIUrl":"https://doi.org/10.5605/IEB.10.4","url":null,"abstract":"espanolLa profundidad de las consecuencias de la reciente crisis financiera en las distintas economias difiere de un pais a otro. Sus efectos no son los mismos en los paises desarrollados y en los paises en desarrollo. La globalizacion de la actividad bancaria tiene como consecuencia que los sistemas bancarios sean, ahora mas que nunca, mas vulnerables a los shocks y al contagio. El sistema bancario moldavo ha demostrado durante los ultimos anos un alto grado de resiliencia a la crisis financiera mundial. Tiene un bajo grado de conectividad con el sistema bancario europeo y mundial debido a la muy baja presencia de bancos internacionales en el mercado, lo cual ha sido determinante en el hecho que no haya habido contagio directo en las ultimas crisis financieras. Los efectos de las crisis en Moldavia afectaron a los bancos de forma indirecta, via remesas y comercio exterior, que han disminuido sustancialmente como resultado de la ralentizacion de las economias europeas, en particular en 2009. El objetivo del articulo es verificar si ha tenido lugar una crisis sistemica el sector bancario moldavo en los ultimos anos, asi como determinar, en el caso de la Republica de Moldavia, las condiciones que pueden ser calificadas de episodio de crisis en toda regla. Tambien hay se identifican las implicaciones de la reciente crisis financiera en la solidez del sistema bancario moldavo EnglishThe extent of recent financial crisis implications on economies differs from country to country. The effects of the crisis events in developed countries differ from the effects in developing countries. The banking systems are now more vulnerable to shocks and to contagion than ever before due to the globalization of banking activity. In recent years, the Moldovan banking system has demonstrated a high degree of resilience to the global financial crisis. The local banking system has a low degree of connectivity to the European and world banking systems due to a very limited presence of international banks in the market. This has meant that there has been no direct contagion during the last financial crises. The effects of the crises in Moldova were felt indirectly by the banks, through the channel of remittances and foreign trade, which have diminished substantially as a result of the economic decline in Europe, particularly in 2009. This article aims to verify whether a systemic crisis was recorded within the domestic banking sector during recent years and to establish the conditions which could be classified as a full-fledged crisis episode in the case of the Republic of Moldova. In addition, the implications of the recent financial crisis on the soundness of Moldova’s banking system are identified","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130346055","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}

{"title":"Perception of social responsibility and banking activities in Puerto Rico","authors":"Ahmad H. Juma'h, Doris Morales-Rodriguez","doi":"10.5605/IEB.12.7","DOIUrl":"https://doi.org/10.5605/IEB.12.7","url":null,"abstract":"espanolEl objetivo de este articulo es explorar la percepcion de los profesionales de la Economia y la Psicologia acerca de la responsabilidad social en las actividades bancarias. La informacion utilizada proviene de una encuesta realizada a tal fin, habiendose utilizado tanto las tecnicas estadisticas descriptivas e inferenciales para presentar y analizar los datos, respectivamente. Los resultados indican que la mayor parte de los participantes en ambos grupos (Psicologia y Economia) no perciben que las actividades bancarias sean esenciales para el desarrollo economico y social de Puerto Rico. La mayoria esta de acuerdo en que las instituciones financieras de caracter cooperativo superan a los bancos en lo que a la provision de fuentes de financiacion se refiere. EnglishThe purpose of this article is to explore the perceptions that economics and psychology professionals have of banking activities with respect to social responsibility. Data were collected by means of a survey, and descriptive and inferential statistics were then used to present and analyze the data. The results indicate that a majority of participants in both groups (psychology and economics) do not perceive the banks’ activities as essential to Puerto Rico’s social and economic development. Most participants agree that financial cooperative institutions are better than banks in terms of providing access to sources of finance","PeriodicalId":272878,"journal":{"name":"AESTIMATIO : the IEB International Journal of Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129925614","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}