EIBACC: Risk Disclosure (Sub-Topic)最新文献

筛选
英文 中文
Is There Market Discipline for New Zealand Non-Bank Financial Institutions? 新西兰非银行金融机构是否有市场纪律?
EIBACC: Risk Disclosure (Sub-Topic) Pub Date : 2005-07-13 DOI: 10.2139/ssrn.761264
K. Hess, Gary Feng
{"title":"Is There Market Discipline for New Zealand Non-Bank Financial Institutions?","authors":"K. Hess, Gary Feng","doi":"10.2139/ssrn.761264","DOIUrl":"https://doi.org/10.2139/ssrn.761264","url":null,"abstract":"This paper studies effects of market discipline on the pricing of term deposit type investment products issued by New Zealand Non-Bank Financial Institutions (NBFIs) and how risk disclosure by NBFIs affects this relationship. While we find that more risky NBFIs indeed have to offer higher interest premiums, it is remarkable that investors do not appear to reward NBFIs for disclosure by accepting lower interest rates for better transparency. We attribute this unexpected result to possible limitations of a purely prospectus based disclosure quality index developed for this study or the inherent opaqueness of financial firms which cannot be overcome by even the best of disclosure (as argued by Morgan, 2002). The paper finally explores and partially confirms some predictions of the Cordella & Yeyati (1998) banking competition model which postulates that with better disclosure, financial firms will shift to quality competition, i.e. opt for lower risk strategies whereas non transparent markets foster pure price competition at the expense quality of individual financial firms.","PeriodicalId":369491,"journal":{"name":"EIBACC: Risk Disclosure (Sub-Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117097010","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: 23
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信