{"title":"资产价值调整的决定因素：德国合作银行案例","authors":"Richard Reichel","doi":"10.47260/jafb/1427","DOIUrl":null,"url":null,"abstract":"Abstract\n\nThis paper studies the driving forces behind asset value adjustments in the German cooperative banking sector. Firm-specific as well as macroeconomic factors are considered. We estimate a Vector Error Correction Model for the post-unification period from 1992 to 2022. The main factor behind the improvement in value adjustments is the declining long-term interest rate. Besides these macroeconomic factors, the average bank size and the loans-to-deposits ratio are important. The trend towards larger banks has counteracted the improvement as well as the more loan-oriented business strategy of recent years.\n\nJEL classification numbers: C580, C58, G21, P13, P34.\nKeywords: Cooperative Banks, Asset Value Adjustments, Mergers, Vector Error Correction Model.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"44 10","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Determinants of Asset Value Adjustments: The Case of Germany’s Cooperative Banks\",\"authors\":\"Richard Reichel\",\"doi\":\"10.47260/jafb/1427\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract\\n\\nThis paper studies the driving forces behind asset value adjustments in the German cooperative banking sector. Firm-specific as well as macroeconomic factors are considered. We estimate a Vector Error Correction Model for the post-unification period from 1992 to 2022. The main factor behind the improvement in value adjustments is the declining long-term interest rate. Besides these macroeconomic factors, the average bank size and the loans-to-deposits ratio are important. The trend towards larger banks has counteracted the improvement as well as the more loan-oriented business strategy of recent years.\\n\\nJEL classification numbers: C580, C58, G21, P13, P34.\\nKeywords: Cooperative Banks, Asset Value Adjustments, Mergers, Vector Error Correction Model.\",\"PeriodicalId\":330012,\"journal\":{\"name\":\"Journal of Applied Finance & Banking\",\"volume\":\"44 10\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-03-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Applied Finance & Banking\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.47260/jafb/1427\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Applied Finance & Banking","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.47260/jafb/1427","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Determinants of Asset Value Adjustments: The Case of Germany’s Cooperative Banks
Abstract
This paper studies the driving forces behind asset value adjustments in the German cooperative banking sector. Firm-specific as well as macroeconomic factors are considered. We estimate a Vector Error Correction Model for the post-unification period from 1992 to 2022. The main factor behind the improvement in value adjustments is the declining long-term interest rate. Besides these macroeconomic factors, the average bank size and the loans-to-deposits ratio are important. The trend towards larger banks has counteracted the improvement as well as the more loan-oriented business strategy of recent years.
JEL classification numbers: C580, C58, G21, P13, P34.
Keywords: Cooperative Banks, Asset Value Adjustments, Mergers, Vector Error Correction Model.
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