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The Impact of Non-interest Income on the Efficiency of China's Banking Sector 非利息收入对中国银行业效率的影响
Journal of Stock & Forex Trading Pub Date : 2014-12-30 DOI: 10.4172/2168-9458.1000135
Li Li
{"title":"The Impact of Non-interest Income on the Efficiency of China's Banking Sector","authors":"Li Li","doi":"10.4172/2168-9458.1000135","DOIUrl":"https://doi.org/10.4172/2168-9458.1000135","url":null,"abstract":"This paper investigates the impact of non-interest income on bank efficiency based on data from China banking sector during the period 1996~2010 by establishing DEA model and Panel-Tobit model. The efficiency levels of China banking sector are estimated by employing traditional DEA model, which only considers loans and investments as the output variables, and alternative DEA model, which considers non-interest income as an additional output variable. The results of parametric and non-parametric univariate tests on the efficiency scores show that there are no significant differences in mean and median efficiency calculated from traditional and alternative DEA models. In other words, the inclusion of non-interest income in output vector does not have a statistically significant influence on the efficiency of China banking sector. Additionally, we normalize each bank’s efficiency score under these two DEA models in order to avoid potential estimation bias due to the fact that the alternative DEA model has one more output variable than the traditional DEA model, and the findings suggest that only a small proportion of banks present an increase in efficiency level with inclusion of non-interest income, while no significant changes are seen on most banks’ efficiency levels. Also, further analysis by establishing Panel-Tobit regression model finds that the relationship between the share of noninterest income to the net operating revenue and the bank efficiency score is not significant, which suggests that the bank efficiency doesn’t increase significantly with the increasing non-interest income share. Furthermore, the bank efficiency also does not present a significant increase with the time. Overall, our findings suggest that the inclusion of non-interest income does not significantly increase the efficiency level of China banking sector.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"33 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114302310","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
Openness and Macroeconomic Volatility: Do Development Factors Drive Such Ambiguous Results? 开放与宏观经济波动:发展因素驱动了如此模糊的结果吗?
Journal of Stock & Forex Trading Pub Date : 2014-12-29 DOI: 10.4172/2168-9458.1000136
S. Hegerty
{"title":"Openness and Macroeconomic Volatility: Do Development Factors Drive Such Ambiguous Results?","authors":"S. Hegerty","doi":"10.4172/2168-9458.1000136","DOIUrl":"https://doi.org/10.4172/2168-9458.1000136","url":null,"abstract":"The 2008 financial crisis proved the “Great Moderation” (a period when it was believed that policymakers had successfully smoothed macroeconomic fluctuations) to be transitory. Understanding a country’s degree of susceptibility to these fluctuations is crucial to investors but previous studies have shown that increasing trade and financial openness can have ambiguous effects. This paper examines a set of 11 countries individually, before the financial crisis, modeling variability in output, consumption, and investment as functions of both openness and external volatility. Financial openness tends to reduce investment volatility for the countries in this sample, while consumption is relatively unaffected overall. Output variability registers mixed results. The regression results are then examined to find relationships with various economic, development, and institutional-quality indicators. Trade openness is found to be correlated with a reduction in output volatility for less-developed countries and an increase for developed countries, while financial openness shows the opposite outcome.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134325905","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
NML v. Argentina - Final Proof of a Glaring Imperfection of International Capital Markets NML诉阿根廷——国际资本市场明显缺陷的最终证明
Journal of Stock & Forex Trading Pub Date : 2014-12-09 DOI: 10.4172/2168-9458.1000134
K. Raffer
{"title":"NML v. Argentina - Final Proof of a Glaring Imperfection of International Capital Markets","authors":"K. Raffer","doi":"10.4172/2168-9458.1000134","DOIUrl":"https://doi.org/10.4172/2168-9458.1000134","url":null,"abstract":"Copyright: © 2014 Raffer K. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Recently, injunctions by a Federal Judge in New York have rocked international capital markets for sovereign debts. Whatever the outcome, Griesa’s decisions are going to change sovereign lending practices.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116111215","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: 0
Relieving Inflation or Palliative Self-destruction? 缓解通货膨胀还是自我毁灭?
Journal of Stock & Forex Trading Pub Date : 2014-12-02 DOI: 10.4172/2168-9458.1000133
G. Zarotiadis
{"title":"Relieving Inflation or Palliative Self-destruction?","authors":"G. Zarotiadis","doi":"10.4172/2168-9458.1000133","DOIUrl":"https://doi.org/10.4172/2168-9458.1000133","url":null,"abstract":"","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129071409","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: 0
The Evolution of Grey Forecasting and its Application on Stock Price Prediction 灰色预测的演变及其在股票价格预测中的应用
Journal of Stock & Forex Trading Pub Date : 2014-11-17 DOI: 10.4172/2168-9458.1000124
Pei-Han Hsin, Chun-I Chen
{"title":"The Evolution of Grey Forecasting and its Application on Stock Price Prediction","authors":"Pei-Han Hsin, Chun-I Chen","doi":"10.4172/2168-9458.1000124","DOIUrl":"https://doi.org/10.4172/2168-9458.1000124","url":null,"abstract":"Since Grey theory proposed by Prof. Deng [1], it has been widely applied in many fields. The traditional grey forecasting model, which is termed GM (1, 1), starts from accumulation of raw data to form a simple monotonic series. Based on this new series, the coefficients of discretilization of first order ordinary differential equation (ODE) could be solved by least square method. Then, these coefficients could be substituted into the particular solution of ODE to serve as a predictor. The solution procedure could be found in textbook.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127782718","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: 8
Less Focus on the Dollar, More Focus on the Ruble: Currency Management Strategy in Kazakhstan, Post Devaluation 少关注美元，多关注卢布:货币贬值后哈萨克斯坦的货币管理策略
Journal of Stock & Forex Trading Pub Date : 2014-11-05 DOI: 10.4172/2168-9458.1000132
William G. Gissy
{"title":"Less Focus on the Dollar, More Focus on the Ruble: Currency Management Strategy in Kazakhstan, Post Devaluation","authors":"William G. Gissy","doi":"10.4172/2168-9458.1000132","DOIUrl":"https://doi.org/10.4172/2168-9458.1000132","url":null,"abstract":"The tenge devaluation occurring on 13 February 2014, approximately 5 years after the previous devaluation, \u0000marked a change in focus on the part of National bank of Kazakhstan.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115804974","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
Perspectives on Forward Premia in India Forex Market: A Study of USD/INR 印度外汇市场远期溢价的透视——以美元兑印度卢比为例
Journal of Stock & Forex Trading Pub Date : 2014-11-03 DOI: 10.4172/2168-9458.1000131
M. Srikanth, Krishna Reddy Chittedi
{"title":"Perspectives on Forward Premia in India Forex Market: A Study of USD/INR","authors":"M. Srikanth, Krishna Reddy Chittedi","doi":"10.4172/2168-9458.1000131","DOIUrl":"https://doi.org/10.4172/2168-9458.1000131","url":null,"abstract":"The study is an attempt to understand dynamics of USD/INR forward market. For this study, we have collected primary information from the market practitioners with the help of a structured mailed questionnaire. It is observed that forward contracts play an important role in addressing the exchange rate risk. It is observed that qualitative attributes like market sentiments, expectations, political stability and financial news play a vital role in determination of forward premia apart from quantitative factors viz., Interest Rate Differential, Crude Price, Net Intervention of RBI, lagged values of forward premia and Turnover in the foreign exchange market. It is also found that forwards and futures would continue to have their respective market shares in the Indian foreign exchange market since both of them have unique features in minimizing the exchange rate risk. Forwards and futures would continue to have their respective market shares in the Indian foreign exchange market since both of them have unique features in minimizing the exchange rate risk. It is also evident from the responses that international oil price has a marked impact on the movement of forward premia due to India’s heavy reliance on oil imports. Further, the survey results reveal that multi-currency regime and forward market would co-exist in future. There is a unanimous view that RBI played a proactive role in bringing down volatility in the Indian markets during the financial crises in the past.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"146 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123356275","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: 0
An Analysis of the Growth in the Fixed Income ETF Market 固定收益ETF市场增长分析
Journal of Stock & Forex Trading Pub Date : 2014-09-29 DOI: 10.4172/2168-9458.1000130
J. Clark, Nathan Mauck
{"title":"An Analysis of the Growth in the Fixed Income ETF Market","authors":"J. Clark, Nathan Mauck","doi":"10.4172/2168-9458.1000130","DOIUrl":"https://doi.org/10.4172/2168-9458.1000130","url":null,"abstract":"Since the financial crisis, demand for fixed income ETFs has increased dramatically. An analysis of this market shows that most of the growth has occurred in ETFs covering U.S. Corporate Bonds, Global Bonds and Emerging Market Bonds. This rapid growth suggests that institutional investors have begun to use fixed income ETFs to achieve both strategic and tactical asset allocation goals. Changes in fixed income ETF volume are positively related to changes in the VIX, which suggests that investors are using fixed income ETFs to tactically shift into fixed income when the stock market becomes more volatile.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"357 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133069638","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
The Deep Cause of the Subprime Lending Crisis 次贷危机的深层原因
Journal of Stock & Forex Trading Pub Date : 2014-07-11 DOI: 10.4172/2168-9458.1000129
F. Foldvary
{"title":"The Deep Cause of the Subprime Lending Crisis","authors":"F. Foldvary","doi":"10.4172/2168-9458.1000129","DOIUrl":"https://doi.org/10.4172/2168-9458.1000129","url":null,"abstract":"The financial crisis induced calls to extend, strengthen and tighten financial regulations. This paper argues that the deep underlying problem is not in the financial industry, but in the real side of the economy, in real estate. The most important collateral for mortgage loans is land value, which then serves as collateral for packages of loans and leverage derivatives. The problem is that real estate has had periodic boom-bust cycles. The rise in land values becomes magnified as land speculators buy properties for resale at higher prices. Land then becomes priced not for current use but for expected future demand, which at the peak of the boom is overly optimistic. Speculators with the greatest expectations later suffer the winner’s curse. If taxation were shifted to tax almost all of the land value, the price of land would fall to a small fraction of the pre-tax price, eliminating gains from land speculation. Mortgage loans would be collateralized by the value of buildings and of income from tenants, rather than land value. The boom-bust real estate cycle would disappear.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130976606","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: 0
Reconsidering the Structural Stability of the Real Exchange Rates 重新考虑实际汇率的结构稳定性
Journal of Stock & Forex Trading Pub Date : 2014-06-16 DOI: 10.4172/2168-9458.1000128
M. Gadea, S. Gabas, A. Montañés
{"title":"Reconsidering the Structural Stability of the Real Exchange Rates","authors":"M. Gadea, S. Gabas, A. Montañés","doi":"10.4172/2168-9458.1000128","DOIUrl":"https://doi.org/10.4172/2168-9458.1000128","url":null,"abstract":"The properties of the historical real exchange rate series constructed in Taylor have been re-examined in this paper. Focusing on two significant sources of bias (structural change and small sample bias), our results do not support for Taylor’s claim that the abrupt changes which occurred throughout the twentieth century (political, economic, institutional, and so on) do not have any effect on the persistence of the real exchange rates. Our results indicate that both the assumption of structural stability and the hypothesis of nominal exchange rate neutrality are violated. The degree of shock persistence shows remarkable heterogeneity between and within monetary regimes. As a consequence, the monetary policymakers’ decisions seem to have a substantial impact on the different reverting dynamics.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"254 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121321874","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
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