Credit and Capital Markets最新文献

{"title":"Honesty in Regional Cooperative Banks","authors":"Kai-Oliver Maurer","doi":"10.3790/ccm.52.3.423","DOIUrl":"https://doi.org/10.3790/ccm.52.3.423","url":null,"abstract":"Abstract\u0000 Corporate scandals are not a phenomenon that is unique to the banking industry. However, the examples of misconduct of individual bank employees or even of entire banks that popped up in recent years have promoted the interest in business culture and business ethics in the banking industry. Honesty is one important cultural and ethical dimension. Based on their results of a survey in a large, international bank Cohn et al. (2014a), for example, conclude that the banking industry’s business culture favours dishonest behaviour of employees. The present paper applies the design of Cohn et al. (2014a) to a small sample of regional cooperative banks in Germany in order to verify their outcome. The results of Cohn et al. (2014a) cannot be confirmed. There is no evidence of more dishonesty among employees of the banks in the sample relative to a control group. Business culture in the banking industry differs between banks or group of banks, a fact that needs to be considered e.g. by legislators.\u0000 JEL Classification: C12, M14, G21, G41","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82797468","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":"The Predicament of FinTechs in the Environment of Traditional Banking Sector Regulation – An Analysis of Regulatory Sandboxes as a Possible Solution","authors":"Johannes M. Gerlach, Daniel Rugilo","doi":"10.3790/ccm.52.3.323","DOIUrl":"https://doi.org/10.3790/ccm.52.3.323","url":null,"abstract":"Abstract\u0000 Recently, “Financial Technology-companies” (FinTechs) are increasingly changing the financial services industry worldwide and impose considerable challenges for regulators tasked to solve the arising trade-off between sound regulation and innovation support. In this regard, regulatory sandboxes, which were recently introduced in several jurisdictions, provide a promising solution, as they imply a liberalization of regulatory requirements in order to enable FinTechs to test their innovative services. However, we observe that no comparable initiative exists in Germany, even though the German regulator identified a need for action on this subject in order to maintain its international competitiveness. Thus, based on a detailed analysis of various sandbox models worldwide, this paper develops a set of own recommendations as a basis for the implementation of a sandbox concept which might be applicable in the German regulatory environment. In doing so, we identify current theoretical as well as practical regulatory issues within the context of the rapid FinTech evolution. To the best of our knowledge, this paper represents the first study on key international sandboxes as a basis to design guidelines specifically for the German financial market. Thereby, we contribute to the literature as we evolve an effective regulation within the new setting of innovative financial technologies. Moreover, our findings contribute to the practical solution of current challenges faced by both regulators and affected companies. Even though our derived implications focus on the German financial sector, the results may potentially be applicable in further jurisdictions with similar regulatory requirements.\u0000 JEL Classification: G21, G28, M13","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78922726","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":"The Interest Rate Sensitivity of Investment","authors":"Guido Baldi, Alexander Lange","doi":"10.3790/CCM.52.2.173","DOIUrl":"https://doi.org/10.3790/CCM.52.2.173","url":null,"abstract":"Abstract The interest rate sensitivity of investment has often played an important role in macroeconomic models. However, many vector autoregressive (VAR) models do not include investment to the list of variables. In this paper, we empirically investigate the size and the evolution of the interest rate sensitivity of investment for the United States and the four largest European economies in the last few decades. We use a VAR model with four variables at quarterly frequency: real investment, real gross domestic product (GDP), inflation, and a measure of the short-term interest rate. In our VAR, the structural interest rate shock is identified under the assumption that macroeconomic quantities and inflation react to interest rate innovations with a lag. We test the appropriateness of this specification by comparing our approach with the identification of shocks derived from the changes in volatility approach. For the countries under consideration, we determine a date during either the 1980s or the 1990s where the interest rate sensitivity of investment began to decrease and became less responsive to monetary policy. In addition, we find that the interest rate sensitivity of investment has been higher in the United States than in Europe, particularly in the first subperiod. Zusammenfassung Die Zinssensitivität der Investitionen spielt oft eine große Rolle in theoretischen makroökonomischen Modellen. In dieser Studie untersuchen wir empirisch die Höhe und die zeitliche Änderung der Zinssensitivität der Investitionen für die Vereinigten Staaten und die vier größten europäischen Volkswirtschaften. Wir verwenden ein VAR-Modell mit vier Variablen: reale Investitionen, reales Bruttoinlandsprodukt, Inflation und kurzfristige Zinsen. In unserem VAR identifizieren wir den strukturellen Schock unter der Annahme, dass die realen makroökonomischen Variablen verzögert auf einen Zinsschock reagieren. Wir testen die Angemessenheit dieser Spezifikation, indem wir unsere Vorgehensweise mit der Identifikation durch den “changes in volatility approach” vergleichen. Wir finden heraus, dass entweder in den 1980er oder frühen 1990er Jahren ein Strukturbruch stattgefunden und sich die Zinssensitivität der Investitionen verringert hat. Interessanterweise zeigen unsere Resultate zudem, dass die Zinssensitivität der Investitionen in den Vereinigten Staaten höher gewesen ist als in den untersuchten europäischen Ländern – insbesondere bis in die 1980er Jahre. JEL Classification: E22, E43, E52","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74172180","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":"Maurer (Online-Appendix)","authors":"Rainer Maurer","doi":"10.3790/CCM.52.2.A1","DOIUrl":"https://doi.org/10.3790/CCM.52.2.A1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79274488","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":"The Link Between Incomplete Information on the Interbank Network and Counterparty Risk","authors":"Daniel Förster, M. Walther","doi":"10.3790/CCM.52.2.213","DOIUrl":"https://doi.org/10.3790/CCM.52.2.213","url":null,"abstract":"Abstract\u0000 This paper describes a model in which a network of interbank loans leads to a severe amplification of the previously unanticipated insolvency of one bank. Banks that cannot rule out an indirect hit react by selling assets and hoarding liquidity. While this potentially lowers illiquidity risks, it depresses market liquidity and prices. This leads to a negative externality by which sales to acquire liquidity simultaneously lead to lower global sale proceeds and thus to a greater number of insolvencies inducing deadweight losses. Thus, the distribution of information on the network has a direct impact on welfare by itself.\u0000 Der Zusammenhang zwischen unvollständigen Informationen über das Banknetzwerk und Adressenausfallrisiken\u0000 Zusammenfassung\u0000 In dieser Arbeit wird ein Modell betrachtet, in dem das Netzwerk aus Interbankenkrediten die Folgen der unerwarteten Insolvenz einer einzelnen Bank drastisch verstärkt. Banken, die indirekte Verluste nicht ausschließen können, reagieren mit dem Verkauf von Vermögenswerten und dem Horten von Liquidität. Dies führt zwar potenziell zu ­einer Senkung der Illiquiditätsrisiken, drückt aber die Marktliquidität und Preise. Es kommt zu einem negativen externen Effekt, da die Verkäufe zur Liquiditätsbeschaffung gleichzeitig zu geringeren Verkaufserlösen und damit zu einer größeren Anzahl von Insolvenzen, die Wohlfahrtsverluste mit sich bringen, führen. Demnach hat die Informa­tionsverteilung im Bankennetzwerk einen direkten Einfluss auf die Wohlfahrt.\u0000 JEL Classification: G01, G11, G21, G33","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85992298","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":"Networks and News in Credit Risk Management","authors":"Ferdinand Graf, Martin Dittgen","doi":"10.3790/CCM.52.2.229","DOIUrl":"https://doi.org/10.3790/CCM.52.2.229","url":null,"abstract":"Abstract The presumably most important function of a corporation is the establishment and management of connections to customers, suppliers, investors, debtors and competitors. All these connections may produce profits or bear risks. Hence, the isolated inspection of a corporation (or also a sovereign) may be insufficient. Instead, the economic environment of a corporation and its connections should be included in its valuation. Usually, this is done via manual and hardly standardized processes with their associated large efforts. This article presents a new method to analyze business news and to build up a network of corporations based on business news. To this end, we search in news articles from Reuters and Bloomberg for corporation names or synonyms and assume a connection exists between two corporations if the corporations are mentioned together frequently. Based on these connections, we (1) build up a network for the S&P500 companies, (2) identify groups therein to validate the approach manually and (3) test, whether corporations with many connections and a particularly favorable position in the network receive better rating grades compared to corporations with fewer connections and an average network position. The latter is equivalent to the question of whether a corporation’s connections are a driver of the firm value. Moreover, we use the business news to measure a corporation’s publicity and sentiment, and relate these to the corporation’s rating as well. Our empirical results indicate that the network properties, the sentiment and the media attention are contained in respectively affect the rating grade. Hence, the incorporation of news in the firm valuation – as it is done by many financial institutions – is reasonable. The factors mentioned above increase the explanatory power of our regression model significantly. Since many corporations have sufficient news coverage for our approach but are not rated from a rating agency, and hence must be rated with internal models, our approach may support manual processes in financial institutions and reduce efforts and costs. Zusammenfassung Eine der zentralen aber oft unterschätzten Aufgaben von Unternehmen ist der Aufbau und die Pflege von Beziehungen zu Kunden, Lieferanten, Gläubigern, Investoren oder auch Konkurrenten, aus denen Profite und gegebenenfalls auch Risiken resultieren. Daher ist die isolierte Betrachtung eines Unternehmens (oder auch eines Staates) für dessen Bewertung oft nicht ausreichend. Stattdessen sollten das wirtschaftliche Umfeld eines Unternehmens und die Verbindungen eines Unternehmens direkt in dessen Bewertung einfließen. Deren zumeist qualitative, wenig standardisierte Analyse verursacht bei Kreditinstituten meist hohe Aufwände. Dieser Artikel beschreibt die Analyse von Unternehmensnachrichten und die Herleitung von Netzwerken dieser Unternehmen aus deren Unternehmensnachrichten. Hierzu suchen wir in Nachrichten von Reuters und Bloomberg nach Unternehmensnennungen u","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85725764","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":"The More the Merrier? Detecting Impacts of Bank Regulation After the Global Financial Crisis","authors":"Christian Kalhoefer, Guenter Lang","doi":"10.3790/CCM.52.2.191","DOIUrl":"https://doi.org/10.3790/CCM.52.2.191","url":null,"abstract":"Abstract\u0000 Governments worldwide reacted swiftly to the global financial crisis by tougher regulations. This paper investigates the impacts of the regulatory environment on operating costs using panel data of 2,200 German banks over the timeframe from 1999 to 2014. We estimate cost functions with and without proxies for regulation and analyze the results with respect to period, bank size, and group affiliation. Our results show that regulatory costs were peaking in 2001, 2008, and lately since 2012. Most interesting, however, is the asymmetry of regulation: Whereas the cost effects were symmetric for all banks until 2003, the last ten years were different. Larger institutions and savings banks could neutralize the impacts of increasing regulation on operating costs. In contrast, smaller banks, especially if they are cooperative banks, were facing significant cost increases. We therefore expect unintended structural shifts like a reduction in the diversity of banks, which are negative for competition, service quality, and for the stability of the financial system.\u0000 Zusammenfassung\u0000 Weltweit wurde als Folge der globalen Finanzkrise die Regulierung des Finanzsektors verschärft. Dieser Beitrag geht der Frage nach, welche Konsequenzen diese Regulierungsmaßnahmen für die operativen Kosten im Bankengeschäft haben. Auf der Basis von Paneldaten von 2,200 in Deutschland aktiven Banken über den Zeitraum von 1999 bis 2014 schätzen wir Kostenfunktionen mit und ohne Proxies für Regulierung und werten die Ergebnisse nach Beobachtungsjahr, Bankengröße, und Gruppenzugehörigkeit aus. Unsere Ergebnisse zeigen Kostenspitzen in den Jahren 2001, 2008, und zuletzt seit 2012. Am interessantesten sind jedoch die asymmetrischen Effekte der Bankenregulierung: Während unsere Modelle bis einschließlich 2003 nahezu gleichmäßige Kostenbelastungen anzeigen, änderte sich dies deutlich mit dem Jahr 2004. Im Gegensatz zu großen Institute und Sparkassen, die die Regulierungskosten nahezu neutralisieren konnten, sahen sich kleine Institute und Genossenschaftsbanken mit deutlichen Kostensteigerungen konfrontiert. Als Folge dieser asymmetrischen Kostenwirkungen staatlicher Bankenregulierung erwarten wir unbeabsichtigte Strukturveränderungen wie z.B. Konzentrationsprozesse, die sich negativ auf Wettbewerb, Dienstleistungsqualität, und letztendlich auch negativ auf die Stabilität des gesamten Finanzsystems auswirken werden.\u0000\u0000 JEL Classification: G21, G38","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75091104","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":"The Time Series Properties of the Real Exchange Rates Between the Member States of the European Monetary Union","authors":"Rainer Maurer","doi":"10.3790/CCM.52.2.149","DOIUrl":"https://doi.org/10.3790/CCM.52.2.149","url":null,"abstract":"Abstract\u0000 The article “The Time Series Properties of the Real Exchange Rates Between the Member States of the European Monetary Union” analyses the time series behavior of the components of the real exchange rates between the founding member states of the EMU before and after the start of the EMU. Various panel and univariate country-specific tests show that the levels of these components are typically random walks. The resulting real exchange rates are also random walks and their components are not cointegrated. It is argued that these results question the operability of the EMU under the current policy regime in the long-run. One possibility to deal with this problem could be the suspension of the principle of a “single monetary policy”.\u0000 Die Zeitreiheneigenschaften der realen Wechselkurse der Mitgliedsländer der Europäischen Währungsunion\u0000 Zusammenfassung\u0000 Der Artikel „Die Zeitreiheneigenschaften der realen Wechselkurse der Mitgliedsländer der Europäischen Währungsunion“ untersucht das Zeitreihenverhalten der Komponenten der realen Wechselkurse zwischen den Gründerstaaten der EWU vor und nach dem Beginn der EWU. Verschiedene Panel- und univariate länderspezifische Test zeigen, dass die Niveaus dieser Komponenten typischerweise Zufallspfaden folgen. Die resultierenden realen Wechselkurse folgen ebenfalls Zufallspfaden und ihre Komponenten sind nicht kointegriert. Diese Ergebnisse, so schließt der Artikel, stellen die langfristige Funktionsfähigkeit der EWU unter dem gegenwärtigen geldpolitischen Regime in Frage. Eine Möglichkeit, dieses Problem zu adressieren, könnte in der Preisgabe des Prinzips der einheitlichen Geldpolitik bestehen.\u0000 JEL Classification: E50, E31, C12","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88507968","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":"Credit and Capital Markets – Kredit und Kapital: Volume 52, Issue 2","authors":"","doi":"10.3790/ccm.52.2","DOIUrl":"https://doi.org/10.3790/ccm.52.2","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42936448","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":"Graf/Dittgen (Online-Appendix)","authors":"F. Graf, Martin Dittgen","doi":"10.3790/CCM.52.2.A97","DOIUrl":"https://doi.org/10.3790/CCM.52.2.A97","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75856429","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}