Credit and Capital Markets最新文献

筛选
英文 中文
The ECB’s 2019 Liquidity Stress Test: An Event Study Evaluating the Impact on Owners and Creditors 欧洲央行2019年流动性压力测试:评估对所有者和债权人影响的事件研究
Credit and Capital Markets Pub Date : 2021-04-01 DOI: 10.3790/ccm.54.2.223
Christoph J. Börner, Jonas Krettek
{"title":"The ECB’s 2019 Liquidity Stress Test: An Event Study Evaluating the Impact on Owners and Creditors","authors":"Christoph J. Börner, Jonas Krettek","doi":"10.3790/ccm.54.2.223","DOIUrl":"https://doi.org/10.3790/ccm.54.2.223","url":null,"abstract":"The liquidity stress test (LiST) 2019 by the European Central Bank (ECB) examines the liquidity situation of banks, which is novel at the European level. Therefore, a well-founded empirical analysis is necessary to derive implications for the capital market. This paper investigates the impact on stock returns and credit default swap (CDS) spread changes of the participating banks using an event study methodology. This approach allows for conclusions about the entire capital market. A major problem with the sample, event clustering, is addressed with appropriate test statistics. The paper provides evidence of the absence of a capital market reaction, which could be the goal of supervisors, namely, being able to assess the banking sector and providing general information without triggering panic.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47069780","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 Prudential Filter for the Cash Flow Hedge Reserve in View of the Purpose of Banking Regulation 从银行监管的目的看现金流套期保值准备金的审慎筛选
Credit and Capital Markets Pub Date : 2021-04-01 DOI: 10.3790/ccm.54.2.265
Alois Paul Knobloch, Felix Krauß
{"title":"Reconsidering the Prudential Filter for the Cash Flow Hedge Reserve in View of the Purpose of Banking Regulation","authors":"Alois Paul Knobloch, Felix Krauß","doi":"10.3790/ccm.54.2.265","DOIUrl":"https://doi.org/10.3790/ccm.54.2.265","url":null,"abstract":"Common Equity Tier 1 capital of credit institutions is adjusted by the prudential filter for the cash flow hedge reserve according to art. 33(1)(a) CRR. Thereby, fair value changes of hedging instruments, especially of derivatives, are neutralized by imputed fair value changes of future cash flows that are part of a cash flow hedge. However, these future cash flows are (mostly) expected to occur under market conditions and, thus, imputed fair value changes are not reflected in changes of present values derived from real transactions that exist at the time of the regulatory capital calculation. As a result, positive effects on Common Equity Tier 1 capital can be viewed critically in regard to the prudence principle of banking supervision if an initial reduction in Common Equity Tier 1 capital due to losses from hedging instruments is corrected. Furthermore, the adjustment is case specific and depends on the hedge effectiveness, which is questionable because of consistency reasons. To solve these weaknesses, we suggest to eliminate the prudential filter for the cash flow hedge reserve as a whole. This would lead to a better quality of Common Equity Tier 1 capital by improving its loss absorbency and as a side effect to a reduction in complexity enhancing supervision through regulatory authorities and market discipline. Furthermore, we demonstrate the impact that the proposed abolishment of the prudential filter for the cash flow hedge reserve would have on the Common Equity Tier 1 capital ratios of the largest European banks in 2014–2019","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48468733","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
Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 1 信贷与资本市场——《Kredit und Kapital》:第54卷第1期
Credit and Capital Markets Pub Date : 2021-01-01 DOI: 10.3790/ccm.54.1
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 1","authors":"","doi":"10.3790/ccm.54.1","DOIUrl":"https://doi.org/10.3790/ccm.54.1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41708697","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
Microfinance and Green Energy Lending: First Worldwide Evidence 小额信贷和绿色能源贷款:首次全球证据
Credit and Capital Markets Pub Date : 2020-10-01 DOI: 10.3790/ccm.53.4.427
G. Dorfleitner, D. Forcella, Q. Nguyen
{"title":"Microfinance and Green Energy Lending: First Worldwide Evidence","authors":"G. Dorfleitner, D. Forcella, Q. Nguyen","doi":"10.3790/ccm.53.4.427","DOIUrl":"https://doi.org/10.3790/ccm.53.4.427","url":null,"abstract":"The increasing requirement for action on climate change in developing countries has led to the inclusion of environmental aspects in microfinance objectives, in addition to social and financial performance, and hence to the appearance of green microfinance. To date, financing for modern energy service has proven to be an attractive option to offset adverse climate change related effects for the poor. This article sheds some light on factors predicting clean energy finance involvement of MFIs. By using a worldwide survey among microfinance institutions on rural lending and IT solutions implemented by YAPU Solutions, this study investigates how institutional characteristics and economic growth relate to green energy micro-credit. The findings provide evidence of a significantly positive relationship between the maturity and business sustainability of an MFI and the likelihood of offering green energy loans. Moreover, MFIs managed by female managers and located in wealthy countries are less willing to commence the finance of green energy.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75544571","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
Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 4 信贷与资本市场——《Kredit und Kapital》:第53卷第4期
Credit and Capital Markets Pub Date : 2020-10-01 DOI: 10.3790/ccm.53.4
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 4","authors":"","doi":"10.3790/ccm.53.4","DOIUrl":"https://doi.org/10.3790/ccm.53.4","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49193307","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
Banking Regulation: A Systemic View on Capital Adequacy, Financial Systems and the Regulatory Process 银行监管:资本充足率、金融体系和监管过程的系统观点
Credit and Capital Markets Pub Date : 2020-09-01 DOI: 10.3790/ccm.53.3.305
Hans-Peter Burghof
{"title":"Banking Regulation: A Systemic View on Capital Adequacy, Financial Systems and the Regulatory Process","authors":"Hans-Peter Burghof","doi":"10.3790/ccm.53.3.305","DOIUrl":"https://doi.org/10.3790/ccm.53.3.305","url":null,"abstract":"In a comment for the Finance Committee of the Deutscher Bundestag on the finalization of Basel III, I scrutinize the debate on the costs of bank equity, look at the incentive effects and potential distortions provoked by the actual regulatory regimes, and finally describe banks’ regulation as a hysteretic process that creates detrimental phases of under- und overregulation. With regard to the first topic, I find strong arguments in the theory of financial intermediation that, in contradiction to the reasoning in the influential paper of Admati et al. (2010), bank equity is indeed costly and excessive capital requirements would hamper the efficiency of the banking system. Furthermore, I identify several incentive effects of today’s regulatory setting that lead to a more homogenous banking system with larger banks. This development could have negative effect on efficiency, in particular with regard to special needs of the German economy. And although the indivi­dual banks might be safer under the new regime, the evolving structure will probably contain a higher systemic risk.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86142101","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
Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 3 信贷与资本市场——《Kredit und Kapital》:第53卷第3期
Credit and Capital Markets Pub Date : 2020-09-01 DOI: 10.3790/ccm.53.3
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 3","authors":"","doi":"10.3790/ccm.53.3","DOIUrl":"https://doi.org/10.3790/ccm.53.3","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49402413","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
Obituary 讣告
Credit and Capital Markets Pub Date : 2020-09-01 DOI: 10.3790/ccm.53.3.iii
Hans-Peter Burghof, Hendrik Hakenes
{"title":"Obituary","authors":"Hans-Peter Burghof, Hendrik Hakenes","doi":"10.3790/ccm.53.3.iii","DOIUrl":"https://doi.org/10.3790/ccm.53.3.iii","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80994967","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
Retail Investor Behavior, Cryptocurrencies, and Financial Market Innovation – Insights from the 5th European Retail Investment Conference (ERIC) 零售投资者行为、加密货币和金融市场创新——来自第五届欧洲零售投资会议(ERIC)的见解
Credit and Capital Markets Pub Date : 2020-04-01 DOI: 10.3790/ccm.53.2.273
Hans-Peter Burghof, Achim Fecker, Patrick Jaquart, Benedikt Notheisen
{"title":"Retail Investor Behavior, Cryptocurrencies, and Financial Market Innovation – Insights from the 5th European Retail Investment Conference (ERIC)","authors":"Hans-Peter Burghof, Achim Fecker, Patrick Jaquart, Benedikt Notheisen","doi":"10.3790/ccm.53.2.273","DOIUrl":"https://doi.org/10.3790/ccm.53.2.273","url":null,"abstract":"Abstract\u0000 The 5th European Retail Investment Conference was hosted at Börse Stuttgart, Germany, from April 10th to 12th 2019. The conference chairs invited academics and practitioners to participate and discuss empirical and theoretical research focusing on retail investor products and services, the impact of technology on retail investors, investors’ decision-making, investor protection schemes, and market microstructure. Albert Menkveld, Professor of Finance at Vrije Universiteit Amsterdam and Fellow at the Tinbergen Institute, held the keynote about the fundamental value of bitcoin.\u0000","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85308032","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
Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 2 信贷与资本市场——《Kredit und Kapital》:第53卷第2期
Credit and Capital Markets Pub Date : 2020-04-01 DOI: 10.3790/ccm.53.2
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 2","authors":"","doi":"10.3790/ccm.53.2","DOIUrl":"https://doi.org/10.3790/ccm.53.2","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48710121","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
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