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Organizational Capital Revisited - How Adjustment Costs from Investment in IT Turn into Economic Value 重新审视组织资本——IT投资的调整成本如何转化为经济价值
Banking & Insurance Pub Date : 2009-02-06 DOI: 10.2139/ssrn.1338854
V. Salas-Fumás, Alfredo Martín-Oliver
{"title":"Organizational Capital Revisited - How Adjustment Costs from Investment in IT Turn into Economic Value","authors":"V. Salas-Fumás, Alfredo Martín-Oliver","doi":"10.2139/ssrn.1338854","DOIUrl":"https://doi.org/10.2139/ssrn.1338854","url":null,"abstract":"This paper integrates the RBV of the firm with the determinants of investment and economic valuation of multi assets firms. The common link is the existence of adjustment costs that Penrose viewed as limiting organizational growth. We examine situations where adjustment costs can turn into valuable intangible-organizational assets and examine how this situation modifies the valuation model of the firm in the presence of market power. We test the model with data on multiple assets invested by Spanish banks in the time period when these banks invest heavily in IT capital and the accompanying adjustment costs turn into valuable intangible assets. We find that for the representative bank, fifty seven percent of the economic value corresponds to the purchase cost of material and immaterial assets, twenty per cent to cost of build in intangibles from adjustment costs in IT investments, and twenty three per cent to rents from market power.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127773212","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
Financial Reform and Banking Crises 金融改革和银行业危机
Banking & Insurance Pub Date : 2009-02-05 DOI: 10.2139/ssrn.1354308
C. T. Shehzad, J. de Haan
{"title":"Financial Reform and Banking Crises","authors":"C. T. Shehzad, J. de Haan","doi":"10.2139/ssrn.1354308","DOIUrl":"https://doi.org/10.2139/ssrn.1354308","url":null,"abstract":"We examine the impact of various dimensions of financial reform on the likelihood of systemic and non-systemic banking crises. Using new financial reform measures for a large sample of developing and developed countries for the period 1973 to 2002, our multivariate probit modeling results suggest that conditional on adequate banking supervision, certain dimensions of financial reform reduce the likelihood of systemic crises. We also show that after a country has reformed, the introduction of further reforms becomes easier and leads to more stable financial systems. We also find some evidence that the likelihood of non-systemic crisis increases after financial reform.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121376538","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: 58
Financial Crisis and New Dimensions of Liquidity Risk: Rethinking Prudential Regulation and Supervision 金融危机与流动性风险的新维度:对审慎监管的反思
Banking & Insurance Pub Date : 2009-02-03 DOI: 10.2139/ssrn.1337031
E. Gualandri, Andrea Landi, Valeria Venturelli
{"title":"Financial Crisis and New Dimensions of Liquidity Risk: Rethinking Prudential Regulation and Supervision","authors":"E. Gualandri, Andrea Landi, Valeria Venturelli","doi":"10.2139/ssrn.1337031","DOIUrl":"https://doi.org/10.2139/ssrn.1337031","url":null,"abstract":"This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their reform. We first investigate the evolution of the concept of liquidity and the nexus between the transformations of financial systems and their increased vulnerability to liquidity risks. Then we focus on the causes of the emergence of liquidity risk in the ongoing financial crisis. We point out two intertwined processes: firstly, the huge increase in financial assets stemming from the shift to an “originate-to-distribute” intermediation model; secondly, the growth of a parallel financial circuit. After this, we focus on the main lessons for regulation and supervision: the case for adjustments to Basel 2, market liquidity and Otc markets, architecture of supervisory authorities and perimeter of controls, coordination, of national liquidity regimes, at least for cross-border groups.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"32 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131004697","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: 27
A Reexamination of Federal Regulation of the Insurance Industry 对保险业联邦监管的重新审视
Banking & Insurance Pub Date : 2009-02-01 DOI: 10.2139/ssrn.1350538
Martin Grace
{"title":"A Reexamination of Federal Regulation of the Insurance Industry","authors":"Martin Grace","doi":"10.2139/ssrn.1350538","DOIUrl":"https://doi.org/10.2139/ssrn.1350538","url":null,"abstract":"The Optional Federal Chartering (OFC) proposal introduced in the last session of Congress may have been the right bill for the introduction of federal regulation of the insurance industry at the turn of the 20th century. However, the current OFC proposal shows its 19th century roots as it merely copies the banking industry’s dual chartering provision and various aspects of state insurance regulatory law. This paper critiques the issue of federal regulation, not necessarily from the perspective of whether federal regulation dominates state regulation, but as to whether the federal or state regulation is structured sufficiently to minimize market failures or to minimize the effect of regulatory failures.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126478354","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
The Accelerating Integration of Banks and Markets and its Implications for Regulation 银行和市场加速一体化及其对监管的影响
Banking & Insurance Pub Date : 2009-01-30 DOI: 10.2139/ssrn.3099106
Arnoud Boot, A. Thakor
{"title":"The Accelerating Integration of Banks and Markets and its Implications for Regulation","authors":"Arnoud Boot, A. Thakor","doi":"10.2139/ssrn.3099106","DOIUrl":"https://doi.org/10.2139/ssrn.3099106","url":null,"abstract":"The banking landscape is in flux. Financial institutions and markets have become deeply intertwined and competitive pressures have intensified. Stability issues have become paramount, aptly illustrated by the credit crisis of 2007-2009. In this paper we review the existing literature to analyze the various implications of these developments and what they portend for bank regulation. We begin by discussing the economics of banking to better understand the fundamental forces driving the financial services industry. We discuss how banks choose between relationship and transaction lending, the role of debt versus equity instruments, and the economic functions of banks. We conclude that banks and markets have become increasingly integrated and co-dependent, and that this is at the root of the 2007-2009 credit crisis. In this context, we also focus on credit rating agencies and new intermediaries like private equity firms, which one could interpret as intermediation driven from the equity side, and examine their impact on financial fragility. We address the regulatory challenge coming from financial fragility, and focus on this in the context of the “mushrooming” of the financial sector with greater diversity in institutions and an increasingly blurred distinction between intermediaries and financial markets.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124942503","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: 47
Sweetening the Lemon: House Prices and Adverse Selection in Secondary Loan Markets 甜柠檬:二级贷款市场的房价和逆向选择
Banking & Insurance Pub Date : 2009-01-16 DOI: 10.2139/ssrn.1328953
R. Sowerbutts
{"title":"Sweetening the Lemon: House Prices and Adverse Selection in Secondary Loan Markets","authors":"R. Sowerbutts","doi":"10.2139/ssrn.1328953","DOIUrl":"https://doi.org/10.2139/ssrn.1328953","url":null,"abstract":"This paper builds a simple model to look at the effect of securitisation on the banking system. In this paper we build a model of asymmetric information in the secondary market for loans and a 'lemons' problem faced by uninformed agents who buy these loans. We show how certain conditions can sustain a secondary loan market even when banks have inside information about their borrowers, but only when other investment opportunities are good. Although the secondary loan market delivers welfare increases it is also unstable. We show how the emergence of secondary markets can lead not only to a fundamental increase in asset prices but also to a change in return correlations from negative to positive across asset classes.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116655173","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
A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate 期限结构和汇率的宏观经济决定因素的无套利分析
Banking & Insurance Pub Date : 2009-01-15 DOI: 10.2139/ssrn.965848
Jun Yang, Fousseni Chabi-Yo
{"title":"A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate","authors":"Jun Yang, Fousseni Chabi-Yo","doi":"10.2139/ssrn.965848","DOIUrl":"https://doi.org/10.2139/ssrn.965848","url":null,"abstract":"We study the joint dynamics of macroeconomic variables, bond yields, and the exchange rate in an empirical two-country New-Keynesian model complemented with a no-arbitrage term structure model. With Canadian and US data, we are able to study the impact of macroeconomic shocks from both countries on their yield curves and the exchange rate. The variance decomposition of the yield level shows that the US monetary policy and aggregate supply shocks explain a majority of the unconditional variations in Canadian yields. They also explain up to 50% of the variations in the expected excess holding period returns of Canadian bonds. In addition, Canadian monetary policy shocks explain more than 70% of the variations in Canadian yields over short and medium forecast horizons. It also explains around 40% of the expected excess holding period returns of Canadian bonds. Both Canadian and US macroeconomic shocks help explain the dynamics of the exchange rate and the time-varying exchange risk premium.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134201563","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: 9
Examining Bank SEOs: Are Offers Made by Undercapitalized Banks Different? 考察银行seo:资金不足的银行提供的报价不同吗?
Banking & Insurance Pub Date : 2009-01-14 DOI: 10.2139/ssrn.1341315
C. Krishnan, O. Ergungor, P. Laux, Ashutosh Kumar Singh, Allan A. Zebedee
{"title":"Examining Bank SEOs: Are Offers Made by Undercapitalized Banks Different?","authors":"C. Krishnan, O. Ergungor, P. Laux, Ashutosh Kumar Singh, Allan A. Zebedee","doi":"10.2139/ssrn.1341315","DOIUrl":"https://doi.org/10.2139/ssrn.1341315","url":null,"abstract":"Despite extensive monitoring, banking operations are often considered opaque, and despite explicit capital adequacy regulation, banks may have substantial discretion in their financing. Both monitoring and capital regulation have changed substantially over time, with the adoption of FDICIA being one important breakpoint. This article empirically studies seasoned equity offerings (SEOs) by banks to understand how opacity and capital regulation interact to determine the timing of bank SEOs and their market valuation. SEOs both by banks that are undercapitalized relative to regulatory standards and also well-capitalized banks are fully discretionary when it comes to SEOs, even before FDICIA. Both undercapitalized and well-capitalized banks experience similar and significantly negative stock price reactions to SEO announcements, and also have similar prior patterns of insider trading and similar economic drivers of the issuance decision. Moreover, post-SEO abnormal stock returns are similar to benchmark returns for both types of issuers in the long run, suggesting that, contrary to the well-documented evidence for industrial SEOs, investors understand the value implications of bank SEOs upon announcement. The evidence implies that undercapitalized banks' SEOs are more discretionary and that all bank SEOs are less opaque than implied by earlier studies.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128109656","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: 34
Turmoil in the Residential Mortgage Market, a Review and Compilation of Research and Policy 住房抵押贷款市场的动荡，研究和政策的回顾和汇编
Banking & Insurance Pub Date : 2009-01-02 DOI: 10.2139/ssrn.1413262
Brent C. Smith
{"title":"Turmoil in the Residential Mortgage Market, a Review and Compilation of Research and Policy","authors":"Brent C. Smith","doi":"10.2139/ssrn.1413262","DOIUrl":"https://doi.org/10.2139/ssrn.1413262","url":null,"abstract":"Although the 30-year fixed rate loan is the standard in the U.S. mortgage market the interest rate risk is borne by holder of the note. This risk, and myriad other motivations fostered the development of the subprime and Alt-A instruments that together have become the bane of the housing market. Neither is likely to return as viable instruments, but the need for risk based pricing will return as the housing cycle returns. For this reason it is valuable to examine the academic research on unconventional loans as policy and future research advances.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130052669","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: 7
Output Loss and Recovery from Banking and Currency Crises: Estimation Issues 银行和货币危机的产出损失和恢复:估计问题
Banking & Insurance Pub Date : 2008-12-26 DOI: 10.2139/ssrn.1320730
Apanard Penny Prabha
{"title":"Output Loss and Recovery from Banking and Currency Crises: Estimation Issues","authors":"Apanard Penny Prabha","doi":"10.2139/ssrn.1320730","DOIUrl":"https://doi.org/10.2139/ssrn.1320730","url":null,"abstract":"Relatively few studies in the financial crisis literature have attempted to examine the connection between financial crises and the real economy, in part due to concerns regarding an appropriate methodology to use in estimating output losses associated with a crisis. Among these studies, two methodologies (a dummy variable approach and an output gap approach) are employed to capture the magnitude of output reductions. The analytical comparison in this study suggests that the latter approach is preferred, but is itself subject to many controversial estimation issues. The estimated output losses for individual crisis episodes seem to be sensitive to how these estimation criteria are defined. This study also provides a review of empirical studies that investigate crisis-response policies and domestic regulatory and institutional structures that allow governments to respond in a timely and effectively manner to crises, thereby reducing the severity of output losses.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130640259","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: 21
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