Journal of Applied Finance and Banking最新文献_第2页

Impact of Specialization, Ownership Structure, and Size on Cost and Profit Efficiency of US Commercial and Savings Banks 专业化、股权结构和规模对美国商业储蓄银行成本和利润效率的影响

Journal of Applied Finance and Banking Pub Date : 2021-03-25 DOI: 10.47260/JAFB/1134

A. Nawaz

{"title":"Impact of Specialization, Ownership Structure, and Size on Cost and Profit Efficiency of US Commercial and Savings Banks","authors":"A. Nawaz","doi":"10.47260/JAFB/1134","DOIUrl":"https://doi.org/10.47260/JAFB/1134","url":null,"abstract":"Using an unbalanced panel dataset of 5,265 observations from 454 US banks including 394 commercial and 60 savings banks, and Battese and Coelli (1995) Stochastic Frontier model, this study has determined the recent level of cost and profit efficiency estimates of these banks and analysed the impact of specialization, ownership structure, and size on the cost and profit efficiency. The results reveal that the cost efficiency of US commercial and savings banks is statistically higher than the profit efficiency with a score of 92.1% and 63.59% respectively; the global financial crisis did not affect cost efficiency much, but it had a shattering effect on the profit efficiency; the savings banks are more cost efficient than the commercial banks and commercial banks are more profit efficient than savings banks; there is no significant differences between the cost and profit efficiencies of privately and publicly owned banks; foreign banks are less cost and profit efficient compare to their domestic counterparts; and finally, the small banks enjoy higher cost and profit efficiency than their large, medium, and very large counterparts. The other determinants of cost and profit efficiency were found to be expectedly affecting the cost and profit efficiency of US banks.\u0000\u0000JEL classification numbers: C33, C67, D22, D24, G01, G21, G32.\u0000Keywords: Cost Efficiency, Profit Efficiency, US Commercial and Savings Banks, Bank Specialization, Ownership Structure, Bank Size.","PeriodicalId":371149,"journal":{"name":"Journal of Applied Finance and Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131221325","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 Impact of Corporate Governance Mechanisms on Compliance with IFRS and Financial Reporting Quality 公司治理机制对IFRS合规性和财务报告质量的影响

Journal of Applied Finance and Banking Pub Date : 2021-03-22 DOI: 10.47260/JAFB/1133

Cheng-Wen Lee, Yilin Hu

引用次数: 2

Dynamic Equicorrelation Analysis of Financial Contagion: Evidence from Latin America Markets 金融传染的动态等相关分析:来自拉丁美洲市场的证据

Journal of Applied Finance and Banking Pub Date : 2021-03-10 DOI: 10.47260/JAFB/1132

Roberto Louis Forestal, Shih-Ming Pi

{"title":"Dynamic Equicorrelation Analysis of Financial Contagion: Evidence from Latin America Markets","authors":"Roberto Louis Forestal, Shih-Ming Pi","doi":"10.47260/JAFB/1132","DOIUrl":"https://doi.org/10.47260/JAFB/1132","url":null,"abstract":"This research employs the multivariate autoregressive moving average-generalized autoregressive conditionally heteroscedastic-dynamic equicorrelation (ARMA-GARCH-DECO) model to identify contagion among Latin American financial markets during financial turmoil period We analyze the dynamic conditional correlations among 18 American Depositary Receipts (ADR), 8 Exchange Traded Funds (ETF) and 6 Foreign Exchange Rates (Forex) Our sample includes daily closing prices from April 1, 2014, to January 29, 2021, for Argentina, Brazil, Chile, Colombia, Mexico, and Peru Results find long-run properties in the volatility of most instruments including those belonging to defensive super sector implying that defensive super sector and basic materials are the most impacted sectors during the last financial crises We present evidence that in times of economic disruption like in the midst of the COVID-19 pandemic, those financial assets do not act as safe harbor investments since they are relatively more correlated during period of financial crises than in normal periods Our findings have policy implications and are of interest to practitioners who look a better understanding of the dynamics of spillovers among the behavior of emerging financial assets","PeriodicalId":371149,"journal":{"name":"Journal of Applied Finance and Banking","volume":"230 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133207139","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 Dynamic Progression of the Redenomination and Sovereign Risk in the Price Discovery Process of Italian Banks’ CDSs 意大利银行信用违约互换价格发现过程中重计价与主权风险的动态演进

Journal of Applied Finance and Banking Pub Date : 2021-02-10 DOI: 10.47260/JAFB/1131

Cinefra Francesca, Michele Anelli, Michele Patané, Gioia Alessio

{"title":"The Dynamic Progression of the Redenomination and Sovereign Risk in the Price Discovery Process of Italian Banks’ CDSs","authors":"Cinefra Francesca, Michele Anelli, Michele Patané, Gioia Alessio","doi":"10.47260/JAFB/1131","DOIUrl":"https://doi.org/10.47260/JAFB/1131","url":null,"abstract":"The recent global financial crisis and the subsequent sovereign debt crisis of the Eurozone peripheral countries have generated historic levels of volatility and instability in the financial markets. In particular, during the sovereign debt crisis market operators have begun to focus on the so-called “redenomination risk”, that is the hypothesis of exit from the EMU (Euro Monetary Union) by one or more countries and the consequent redenomination of their debt in the past national currency. This type of risk constitutes a form of additional credit risk premium due to expected systemic failure of the Eurozone. The effects of the economic-financial crisis, the weak economic growth and the political instability that have characterized especially the Italian system in recent years provide the ideal starting point to analyze the evolution of the redenomination risk in the pricing process of the Italian banks’ CDSs (Credit Default Swaps). \u0000The contribution of this work is to evaluate the dynamic evolution of sovereign and redenomination risk in the price discovery process of the Italian banks’ CDS spreads (or premia) by using rolling window regressions. Results show that redenomination risk explains a great part of the variance in the CDS spreads during periods of financial distress. The sovereign risk component explains a large part of the variance for almost the entire considered period.\u0000JEL Classification: G01, G12, G14, G20.\u0000Keywords: CDS spreads, Sovereign risk, Redenomination risk, Rolling window regressions, ISDA basis.","PeriodicalId":371149,"journal":{"name":"Journal of Applied Finance and Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125115884","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

Predicting Economic Performance of Bangladesh using Autoregressive Integrated Moving Average (ARIMA) model. 运用自回归综合移动平均(ARIMA)模型预测孟加拉国经济表现。

Journal of Applied Finance and Banking Pub Date : 2021-01-22 DOI: 10.47260/JAFB/1125

Raad Mozib Lalon, N. Jahan

引用次数: 1

Covid-19 and the Technology Bubble 2.0: Evidence from DCC-MGARCH and Wavelet Approaches Covid-19和技术泡沫2.0:来自DCC-MGARCH和小波方法的证据

Journal of Applied Finance and Banking Pub Date : 2021-01-04 DOI: 10.47260/jafb/1124

Caner Ozdurak, Cengiz Karatas

引用次数: 0

The Nexus Between Internal Investment and Economic Growth in Kenya 肯尼亚国内投资与经济增长的关系

Journal of Applied Finance and Banking Pub Date : 2020-12-01 DOI: 10.47260/jafb/1122

A. Kamenju, Olweny

{"title":"The Nexus Between Internal Investment and Economic Growth in Kenya","authors":"A. Kamenju, Olweny","doi":"10.47260/jafb/1122","DOIUrl":"https://doi.org/10.47260/jafb/1122","url":null,"abstract":"Countries with a high investment GDP ratio benefit from better, competitive\u0000products and services. Which increases capital stock for production, more\u0000employment, and income; in turn reducing social and income disparities. The\u0000Kenyan government envisaged a sustained economic growth of 10% by investing\u0000in priority sectors; to become an industrialized middle-income country by the year\u00002030; though un-achieved to date. To examine the nexus between internal\u0000investments and economic growth, the study used annual time-series observations\u0000from the years 1996 to 2017; where internal investments are from the government;\u0000private domestic; and public-private partnership; and exogenous variables were\u0000rates of real interest; social discount; commercial lending interest; and the country\u0000risk premium on lending for investment decisions. The inference used stationarity;\u0000cointegration; significance; causality; variance decomposition of forecast error; and\u0000impulse response function. Stationarity tests suited the ARDL model which also\u0000supports small size observations. Findings were; a significant and positive influence\u0000on economic growth from lags of real GDP, government, private domestic, except\u0000public-private partnership investments. Anticipation for growth lies with;\u0000significant pairwise causality (real GDP with public investment); significant block\u0000exogeneity (public investment); endogeneity (real GDP), and exogeneity (public\u0000investment) influence; and short-run private domestic investment recovery.\u0000Keywords: ARDL, Economic Growth, Public Investment, Private Domestic\u0000Investment, Public-Private Partnership Investment, Investment Decisions.","PeriodicalId":371149,"journal":{"name":"Journal of Applied Finance and Banking","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114668850","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

Fundamental Anomalies and Firms Financial Distress; Evidence from Nairobi SecuritiesExchange, Kenya 基本面异常与企业财务困境证据来自肯尼亚内罗毕证券交易所

Journal of Applied Finance and Banking Pub Date : 2020-11-23 DOI: 10.47260/jafb/1121

Charles Roche, T. Olweny, T. Nasieku

{"title":"Fundamental Anomalies and Firms Financial Distress; Evidence from Nairobi Securities\u0000Exchange, Kenya","authors":"Charles Roche, T. Olweny, T. Nasieku","doi":"10.47260/jafb/1121","DOIUrl":"https://doi.org/10.47260/jafb/1121","url":null,"abstract":"Stock market broadly referred to as security exchange has gained so much interests\u0000from various stakeholders around the world as they endow exceedingly to the\u0000growth of the world economy. Nairobi Securities Exchange, being an emerging\u0000stock market, this study therefore considered dividend yield anomaly, measured by\u0000dividend per share and price to earnings anomaly operationalized through earnings\u0000per share as the types of the fundamental anomalies. When there is fundamental\u0000anomaly, firms tend to exhibit unhealthy financial position which is financial\u0000distress, measured by Z-Score. The main objective of this study is to examine the\u0000relationship between fundamental anomalies and firms’ financial distress; evidence\u0000from Nairobi Securities Exchange, Kenya. This study adopts descriptive research\u0000design and embraced secondary data from 2007 to 2017 from a target population of\u000067 listed firms. It was found that there existed a relationship between fundamental\u0000anomalies and firms’ financial distress. The study recommends that the\u0000management should put in place the right dividend policies, declaration or nondeclaration of dividends in the treatment of dividends. For policy makers and\u0000regulators, the recommendations will assist in restoring law and order and this will\u0000enable all the stakeholders to have confidence in Nairobi Securities Exchange.\u0000Keywords: Securities Exchange, Financial Distress, Fundamental Anomalies.","PeriodicalId":371149,"journal":{"name":"Journal of Applied Finance and Banking","volume":"200 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123014831","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 Risk Management and Efficiency of Savings and Credit Cooperative Societies: A Review of Literature 储蓄信用社信用风险管理与效率:文献综述

Journal of Applied Finance and Banking Pub Date : 2020-11-20 DOI: 10.47260/jafb/1117

J. Aduda, Stephen Obondy

{"title":"Credit Risk Management and Efficiency of Savings and Credit Cooperative Societies: A Review of Literature","authors":"J. Aduda, Stephen Obondy","doi":"10.47260/jafb/1117","DOIUrl":"https://doi.org/10.47260/jafb/1117","url":null,"abstract":"The objective of this paper was to conduct literature review on how credit risk management impacts efficiency and to identify the knowledge gaps in the relationship between the two variables. This study will help the government in policy direction as far as growing the financial sector as a precursor to credit risk management and its contribution to growth in terms of improved savings, improved per capita income, improved credit to private sector and increased employment levels both directly and indirectly. From the empirical studies reviewed, credit risk management was found to influence financial performance but there is no concrete evidence on the relation that credit risk management has with efficiency of SACCOs. The previous studies have mostly focused on financial performance instead of efficiency and they also differ on the direction of the relationship between the two variables. The difference in findings among the scholars might arise from methodological differences and operationalization of the study variables. Contextual differences might also explain the inconsistent findings as most of the studies have focused on commercial banks and in different economies. Future studies should investigate underlying variables that can explain the relationship between credit risk management and efficiency of SACCOs. \u0000\u0000Keywords: Credit risk management, efficiency, SACCOs.","PeriodicalId":371149,"journal":{"name":"Journal of Applied Finance and Banking","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122580521","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

Non-Performing Loan Recovery: The Case of Mongolia 不良贷款回收:以蒙古为例

Journal of Applied Finance and Banking Pub Date : 2020-11-16 DOI: 10.47260/jafb/1116

L. Davaajargal, Minjuur Enkhtur, Lkhagvadorj Dulguun, Bekhbat Enkhsuren

引用次数: 2