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Huang, Zhangkai. "Finance, investment and monetary policy." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.270515.
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Huang, Xian Qi. "The development of investment banking in China." Thesis, University of Macau, 1999. http://umaclib3.umac.mo/record=b1636228.
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Nicolas, Théo. "Essays on SME finance and banking." Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E049.
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Dans un environnement économique encore fragilisé par la Grande Récession, les PME apparaissent comme un moteur essentiel de l’activité et de l’emploi. Dans cette thèse, j’examine les déterminants et les conséquences des contraintes financières des PME afin d’identifier les formes de financement bancaire les mieux adaptées à leurs situations. Le premier chapitre analyse les effets des modèles d’activité bancaire sur le financement des PME et montre que les banques de trading augmentent les contraintes de crédit de court terme ainsi que les coûts de financement. Surtout, l’externalité négative du trading sur la disponibilité du crédit de court terme est encore plus forte pour les banques fortement capitalisées et dépendantes des produits dérivés. Le deuxième chapitre porte sur l’effet bénéfique de la relation bancaire pour les PME. Nous montrons que les prêteurs relationnels pratiquent des taux plus élevés en période de croissance et des taux plus bas en période de crise. Cependant, en incluant les entreprises monobancaires dans notre analyse, nous constatons que ce mécanisme assurantiel dépend de la capacité des entreprises à diversifier leurs emprunts auprès de plusieurs banques. Enfin, le troisième chapitre se focalise sur les effets réels des contraintes financières. Mes résultats mettent en lumière l’importance capitale du financement de court terme pour l’investissement des PME à travers le canal du besoin en fonds de roulement. Les entreprises qui ont des opportunités d’investissement ne peuvent pas les saisir car les contraintes de crédit de trésorerie les obligent à allouer davantage de cash-flow au financement du besoin en fonds de roulementRepresenting a clear driver for growth and employment, small and medium sized enterprises (SMEs) have gained considerable attention in the aftermath of the Great Recession. In this thesis, I both examine the determinants and consequences of SMEs financial constraints in order to identify the most appropriate types of bank financing for their situations. The first chapter analyzes the effects of trading bank business models on SME finance and shows that trading banks increase both short term credit constraints and funding costs. Importantly, the negative impact of trading-banks on short term credit availability is even stronger for banks with higher capital and derivatives.The second chapter deals with the beneficial effect of relationship lending for SMEs. Following the literature that has investigated the countercyclical effect of relationship lending on interest rates, we show that relationship lenders charge higher rates in good times and lower rates in bad times. However, we include single-banked firms in the scope and find that this insurance mechanism depends on the firm ability to diversify its borrowing.The third chapter focuses on the real effects of financial constraints. While the literature examining the effects of financial constraints on firms’ investment has traditionally ignored loan maturity, my results emphasize the importance of short-term finance for SMEs through the working capital channel. The real effect of short term financial constraints arises when firms with opportunities to invest may be blocked from doing so because rationing may force them to allocate additional cash-flow to finance their working capital needs
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Cook, Audrey Ciceley Heloise. "A study of identity formation in the London investment banking sector." Thesis, University of Warwick, 2008. http://wrap.warwick.ac.uk/1947/.
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This thesis seeks to investigate identity formation within the London investment banking sector in the context of career development. The sector has undergone a host of changes in the past two decades. The ‘Old City’ was distinguished by trust, reputation and stability which was informally regulated through a kinship network comprised of a social elite. De-regulation in 1986 ushered in the ‘New City’ characterised by individualistic competition, inflated capital sums, truncated careers, volatility and diversification. Existing research concerning identity has largely focussed on how ‘Old City’ class and gender relations continue to predominate and shape career opportunities. Scholars have highlighted how patterns of privilege and exclusion are reproduced through a variety of ‘performances,’ disadvantaging those who are unable to access a limited range of acceptable class and gender positions. This study takes a different starting point to explore how ‘performance’ may play a role in identity work to further careers but in a way which is attentive to the distinctive conditions of the New City. Specifically, this research explores how identity may be constructed and constantly re-worked and revised, drawing upon a range of different resources within a highly diverse setting. The thesis seeks to engage with this research agenda by applying Giddens (1984; 1991) theoretical framework on self-identity, reflexivity and performance. A longitudinal research design was used to elicit qualitative data from six senior investment bank employees, gathering accounts on changes experienced over the period of a year as well as past events. The thesis investigates how a biographical narrative was reflexively maintained via the accommodation and perpetuation of a variety of different performances within a series of social terrains. These in turn served to reproduce the broader financial institutional context. A further contribution is developed which focuses on the theoretical interplays between selfidentity, reflexivity and performance through a detailed analysis of the empirical materials.
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Wenzel, Jens. "Rechtsfragen internationaler Konsortialkreditverträge : deutsches und englisches Recht /." Baden-Baden : Nomos [u.a.], 2006. http://www.gbv.de/dms/spk/sbb/recht/toc/516807250.pdf.
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Nahhas, Abdulkader. "Essays in international finance and banking." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13160.
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In this thesis financial movements are considered in terms of foreign direct investment (FDI) and a related way to international banking. In Chapter 2 FDI is analysed in terms of the major G7 economies. Then this is further handled in Chapter 3 in terms of bilateral FDI (BFDI) data related to a broader group of economies and a main mode of analysis the Gravity model. Gravity models are then used in Chapter 4 to analyse bilateral cross border lending in a similar way. While the exchange rate effect is handled in terms of volatility and measured using models of conditional variance. The analysis focused on the bilateral data pays attention to the breakdown of crises across the whole period. With further consideration made of the Euro zone in terms of the study of BFDI and cross border lending. The initial study looks at the determinants of the inflow and outflow of stocks of FDI in the G7 economies for the period 1980-2011. A number of factors, such as research and development (R&D), openness and relative costs are shown to be important, but the main focus is on the impact of the real and nominal effective exchange rate volatility. Where nominal and real exchange rate volatility are measured using a model of generalised autoregressive conditional heteroscedasticity (GARCH) to explain the variance. Although the impact of volatility is theoretically ambiguous inflows are generally negatively affected by increased volatility, whilst there is some evidence outflows increase when volatility rises. In Chapter 3, the effect of bilateral exchange rate volatility is analysed using BFDI stocks, from 14 high income countries to all the OECD countries over the period 1995-2012. This is done using annual panel data with a gravity model. The empirical analysis applies the generalised method of moments (GMM) estimator to a gravity model of BFDI stocks. The findings imply that exports, GDP and distance are key variables that follow from the Gravity model. This study considers the East Asian, global financial markets and systemic banking crises have exerted an impact on BFDI. These effects vary by the type and origin of the crisis, but are generally negative. A high degree of exchange rate volatility discourages BFDI. Chapter 4 considers the determinants of cross-border banking activity from 19 advanced countries to the European Union (EU) over the period 1999-2014. Bilateral country-level stock data on cross-border lending is examined. The data allows us to analyse the effect of financial crises – differentiated by type: systemic banking crises, the global financial crisis, the Euro debt crisis and the Lehman Brothers crisis on the geography of cross-border lending. The problem is analysed using quarterly panel data with a Gravity model. The empirical "Gravity" model conditioned on distance and size measured by GDP is a benchmark in explaining the volume of cross border banking activities. In addition to the investigation of the impact of crises further comparison is made by investigating the impact of European integration on cross-border banking activities between member states. These results are robust to various econometric methodologies, samples, and institutional characteristics.
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Dobra-Kiel, Alexandra. "Emotions and behavioural ethics : the case of asset management and investment banking." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/102075/.
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This PhD Dissertation, structured by essays, aims to contribute to the field of emotions and behavioural ethics by spanning across disciplinary boundaries and methodological approaches. The ‘General Introduction’ provides a background as well as an overview of the contributions of this PhD Dissertation. The first essay provides the first systematic review on emotions and ethical decision-making, based on 38 empirical studies published between 2008 and 2017. At a methodological level, it reflects on the research methods that have been deployed so far to validate the study of the role of emotions on ethical decision-making. At a content level, it outlines the impact, in terms of outcomes, of different categories of emotions on ethical decision-making, through developing a 2x2 matrix of categories and outcomes. It concludes by recommending future thematic research avenues at both a methodological and content-level. The second essay provides the first exploratory study of implicit ethical behaviour and integral emotion responses in the asset management industry, through critical incident interviews with 38 elite fund managers in top-tier and boutique asset management companies in the UK. The latent thematic analysis of the interviews, guided by an essentialist paradigm, contributes to a contextualised elaboration of theory by developing a framework linking dimensions of ethical behaviour (i.e., authenticity and responsibility) with emotion responses (i.e., control and motivation). It contributes to the literature on ethical theories/value orientation, emotion regulation and appraisal theories by highlighting congruencies and incongruencies with existing research. The third essay provides a group-level psychosocial analysis of ethical risk on both a conscious and unconscious tier. Furthermore, it identifies how emotional contagion and RegTech (i.e., regulatory technology) efficiency affect ethical risk. It develops a mid-range model of ethical risk, alongside a typology of ethical behaviour and risk, and discusses theoretical and managerial implications.
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Fan, Weiwei. "Household savings, relationship banking, and urbanization : three essays in economic development and finance /." View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?ECON%202003%20FAN.
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Pakhomova, Nataliya. "Essays in banking and corporate finance." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1090.
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Cette thèse est composée de 3 essais. Le 1er essai traite de la problématique du risque de pertes extrêmes dans le secteur bancaire dans un contexte du problème d'agence entre les actionnaires et les top managers des banques. Pour pouvoir inciter les banques à ne pas prendre le risque de pertes extrêmes, il est proposé d'appliquer la régulation des fonds propres sous forme d'une politique de recapitalisations obligatoires, dont les paramètres sont choisis pour inciter les actionnaires à rémunérer leurs managers de la manière à les détourner des stratégies au risque de pertes extrêmes.Le 2ème essai développe le design de la supervision bancaire qui vise à éliminer le problème d'aléa moral au sein d'une banque, tout en assurant un coût minimum de supervisions. Les banques, dont la situation financière commence à se dégrader, doivent être soumises à des audits aléatoires. Les banques, dont la valeur de l'actif s'est dégradée considérablement, doivent être mises sous tutelle pour un redressement financier. Les auditeurs externes peuvent être impliqués dans le processus de supervision, mais ne doivent pas complètement remplacer les régulateurs. Le 3ème essai étudie comment la capacité d'emprunt de l'entreprise non-financière affecte sa politique d'investissement en présence des coûts d'émission de la dette. Il est montré que les entreprises, dont la capacité d'emprunt est moyenne, ont intérêt à réaliser un investissement plus important par rapport aux entreprises dont la capacité d'emprunt est relativement faible/forte. Cela est entièrement dû à l'effet des coûts fixes d'émission de la dette, qui émerge dans le contexte dynamique d'investissementThis dissertation consists of 3 self-contained theoretical essays.Essay 1 brings into focus the problem of "manufacturing" tail risk in the banking sector. This work shows that, in order to prevent banks from engaging in tail risk, bank capital regulation should account for the internal agency problem between bank shareholders and bank top managers. It is proposed to design bank capital requirements in the form of incentive-based recapitalization mechanism which would induce bank shareholders to shape executive compensation in such a way as to prevent top managers from engaging in tail-risk.Essay 2 deals with the problem of moral hazard in bank asset management. It proposes the concept of incentive-based bank supervision aimed at preventing moral hazard at a minimum cost to the regulator. It is shown that the intensity of supervision efforts should be gradually adjusted to the bank's financial health: banks in the mild form of distress should be subject to random audits, whereas deeply distressed banks should be placed under temporary regulatory control. To prevent double moral hazard, external auditors involved in supervision should be offered the optimal incentive contract.Essay 3 examines the impact of credit rationing (debt capacity) on corporate investment in the setting with costly debt financing. It is shown that, when credit constraints are binding, the firms with intermediate levels of debt capacity will establish larger investment projects than the firms with relatively low or high debt capacity. This non-monotonicity of investment on debt capacity arises due to the effect of the lump-sum debt issuance costs in the dynamic context of investment
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Hrouda, Jiří. "Leveraged acquisition finance." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74068.
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Main interest of this diploma thesis is a transaction known as leveraged acquisition. The goal is to provide detailed overview of these transactions starting from history and development of leveraged acquisitions, key market participants, acquisition financing, leveraged acquisition market and its current trends and analysis of a fictional transaction using advanced financial model. Due to the limited extent of the thesis not all aspects of debt financing and modeling could have been covered in the text.
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Ian, Ka Ieng. "Capital market development and corporate investment." Thesis, University of Macau, 2008. http://umaclib3.umac.mo/record=b1872932.
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Sathitsuksanoh, Noppadon Thompson Henry L. "Recent portfolio investment and central bank policy in Thailand." Auburn, Ala, 2008. http://hdl.handle.net/10415/1504.
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Barker, Richard Graham. "The role of accounting information in investment decisions on the London Stock Exchange : a study of finance directors, analysts and fund managers." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.388003.
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Khumalo, Mahlomola. "How South African banking sector facilitates South African foreign direct investment into Sub-Saharan Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/8445.
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Thesis (MDF)--Stellenbosch University, 2008.ENGLISH ABSTRACT: Currently, South Africa is a leading intra-continental foreign direct investor in Africa, in general, and in Sub-Saharan Africa, in particular. The internationalisation of South African enterprises has throughout the period following the advent of the new dispensation in 1994 assumed two forms: banking and non-banking cross-border expansions. These cross-border expansions have largely involved greenfield, merger and acquisition and joint venture types of investment. Increased trade between South Africa and the region and huge business and investment opportunities have been the pre-eminent motive forces behind the country's nonbanking and banking foreign direct investment drive into Sub-Saharan Africa. A number of studies have been conducted about South African general outward foreign direct investment, but none so specifically about the involvement of the South African multinational banks in this cross-border expansion by the country's multinational firms. In fact, no obvious and composite information is readily available about the "how" aspect of the involvement. It is the objective of this study therefore to investigate "how" South African banks with multinational behaviour have facilitated and continue to facilitate the way for South African foreign direct investment in Sub-Saharan Africa. The outcome of the research effort makes for an interesting discovery that demonstrates how South African banks indeed facilitate South African outward FDI flows into the Sub-Saharan region. A case study illustration in this research report clearly shows that banks, driven by their own foreign direct investment interests, were simultaneously facilitating and driving nonbanking foreign direct investment in the region. Benefits and costs are also accruing to firms and countries (host country and home country to a lesser degree) involved in the crossborder investment activities. South African outward foreign direct investment, although very important to Sub-Saharan Africa, has serious challenges to contend with in the region. Pockets of conflict and instability in some countries with lucrative opportunities continue to bedevil South African foreign direct investment. Policy and regulatory environments in some countries still remain to be a downside for the attraction of South African outward foreign direct investment, including banking foreign direct investment. Interestingly, South African govemment is keenly involved to ensure that trade and investment in Sub-Saharan Africa flow uninterruptedly without prejudicing any party. Trade and investment opportunities are indeed the key motives for South African outward foreign direct investment into Sub-Saharan Africa. The ''follow-your-client'' paradigm is largely responsible for the South African multinational banks' drive across the border into the region. This ''follow-your-client'' concept in the South Africa foreign direct investment context and other related concepts must be further researched in much greater detail and wider approach. But this does not take away the essence and significance of this study which, amongst other things, provides a good foundation for future research undertakings.
AFRIKAANSE OPSOMMING: Huidiglik is Suid-Afrika die voorstander in die intra-kontinentale vaste buitelandse investering in Afrika in die algemeen en spesifiek in Sub-Sahara Afrika. Die internasionalisering van Suid-Afrikaanse besighede het na 1994 twee vorme aangeneem, t.w. die uitbreiding van bank- en nie-bankinvestering. Die uitbreiding sluit in samesmeltings en venootskappe van investeringsgeleenthede. Verhoogde handel, investeringsgeleenthede en besigheid tussen Suid-Afrika en Sub-Sahara Afrika was die dryfkrag agter die land se vaste buitelandse beleggings. Aigemene studies is gedoen van Suid-Afrikaanse buitelandse beleggings, maar niks so spesifiek soos die samewerking van Suid-Afrikaanse banke met die banke van buitelandse multinasionale firmas nie. Daar is geen inligting vrylik bekombaar oor die 'hoe' van die buitelandse beleggings nie. Die doel van hierdie studie is om juis te bepaal hoe Suid-Afrikaanse banke tans en op die pad vorentoe te werk gaan om vaste buitelandse investerings met multinasionale besighede in Sub-Sahara Afrika uit te brei. 'n Teoretiese grondslag van die debat, definisies en begrip van die konsep "vaste buitelandse investering" vorm deel van die ondersoek, waar beide primere en sekondere data gebruik is. Moeite is gedoen om te verseker dat die data en inligting wat gebruik is, gebaseer is op die "global research methodology", wat insluit vraelyste en elektroniese onderhoude. Hierdie terugvoering wys daarop dat Suid-Afrikaanse banke inderdaad pro-aktief is in die veld van uitwaardse vaste beleggings in die Sub-Sahara area. Banke doen nie net hul eie vaste buitelandse investerings nie, maar fasiliteer dit vir nie-bank vaste buitelandse beleggings. Dit lei tot voordele en kostebesparings vir firmas in die proses van beleggingsaktiwiteite. Alhoewel Suid-Afrikaanse vaste beleggings belangrik is vir ander Afrikastate, is daar ook heelwat slaggate om in ag te neem. Onstabiliteite in lande met aansienlike investeringspotensiaal maak dit moeilik vir Suid-Afrika om te investeer. In baie lande het reels en regulasies nog steeds 'n negatiewe invloed op buitelandse investerings, wat banke insluit. Handel en beleggingsgeleenthede is die motief vir Suid-Afrikaanse investering in SubSahara lande. Die gesegde "follow your client" is die dryfkrag agter die Suid-Afrikaanse banke om te investeer. Daar moet meer ondersoek gedoen word oor die "follow your client" konsep. Hierdie verslag is dus slegs 'n begin punt waarop daar uitgebrei moet word deur verdere ondersoeke.
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Fadhley, Sabah A. "A study of project finance banking : with a special reference to determinants of investment strategies for major petroleum projects located in less developed countries." Thesis, Loughborough University, 1991. https://dspace.lboro.ac.uk/2134/7213.
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The study investigates the motives and objectives of borrowers, lenders and host developing countries in adopting the strategy of Project Finance (PF) when financing a major petroleum project. The overall aim of the study is to develop the empirical basis for a PF theory and to assess its relevance for the less developed countries. The methods of investigation include literature review, desk research, development of case studies and field survey. The study analysed data relating to a large sample of LDC petroleum projects and organised direct interviews with major international institutions. It also organised a mail questionnaire survey which was designed to test its assertions and hypotheses relating to PF strategies. It is shown that project finance can be explained in terms of an eclectic theory which draws its premises from innovations on proven investment, financial and risk concepts. It is also shown that project finance theory represents a system which has its own causes, mechanisms of risk hedging, predictive functions and strategic advantages. In the future, the market for project finance is expected to continue its growth and be strengthened through further financial innovations. The subject is expected to grow even more important both as a proven tool for the investment and financing strategies of host developing countries and as a theory of direct bank participation in major projects located in less developed countries. This study addressed the needs of bankers and industrialists who wish to diversify their business internationally through PF participation in major LDC projects. The study should also be of interest to students of international investment and finance who wish to advance the subject through further research.
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Wong, Tze-kin Andy. "Design and marketing of over-the-counter option-linked deposit for retail banking market /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19872094.
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Chen, Jia Jin. "Investment strategy for redevelopment projects under uncertainty : real options approach." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1637046.
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Twardowska, Magdalena. ""Dashed hopes, bruised egos" : professional identity in investment banking in the context of the 2008 financial crisis." Thesis, University of Essex, 2015. http://repository.essex.ac.uk/17116/.
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The financial crisis of 2008 and the subsequent economic collapse has helped bring scholarly attention on a sociological dimension of financial markets (Mackenzie 2009, Stark 2009, Knorr Cetina and Preda 2012). Despite recent research advancements in this area, however, the understanding of how financial markets are organised and reproduced remains limited. In particular, there is very little about the individual actors in the markets, how they think and act, and how they make sense of social context or how their experience is within it. This thesis contributes to addressing these questions by focusing on how investment bankers construct their professional identities and in particular, how did this process look like during the financial crisis of 2008. Three main areas are investigated: (i) what resources investment bankers draw on to construct their professional identities, (ii) what motivates them to do so, and (iii) how the process has been demonstrated through bankers’ lived experiences of the crash. To this end, the research integrates literature from the field of sociology of financial markets and identity. I argue that looking at professional identity construction through the lens of Honneth’s (1995) theory of struggle for recognition allows for a better understanding of the political nature of the intersubjective relationships in markets, alongside some of the pathologies that may develop in the periods of enhanced uncertainty. Methodologically, I conceptualise identities as narratives, in particular drawing on Ricoeur’s ( 1988) work on narrative identity. The analysis rests on the investment bankers’ accounts of their experiences of the crisis. By exploring how they have constructed their subjective understandings of reality and how they incorporated these into their professional identity narratives, the thesis advances the understanding of markets as political arenas of values, emotions and power games. I explore a number of frames the bankers used in order to position their identities within the workplace; including smartness, sacrifice, ambivalent status of money and temporality. I demonstrate that identity construction is inherently political and based on a fragile structure of systemic trust and interpersonal trust relationships. Threatened by the crisis, the bankers responded by creating liminal spaces in an attempt to re-align the identity narratives. The findings bear theoretical implications. Firstly , I argue that trust is a missing component in the theory of recognition when it deals with social cooperation. Secondly, I argue that as recognition normatively regulates social interactions in markets, actors are first and foremost power maximisers. I show that influencing expectations becomes, therefore, a central task for actors in the markets, leading to the development of reified identities. As a result, the emergent liminal spaces are shown to be arenas of the inherent struggle for recognition.
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Schmidt, Daniel. "Corporate syndicated loan pricings in Germany : an exploration of the hidden drivers." Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/4809/.
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Syndicated loans are a common debt financing format for large corporations in general. For those situated in Germany—with its bank-based financial system—such loans play a vital role. Given the multibillion volumes raised annually, the pricing of syndicated loans is economically significant, with its levels, structure, and determination having attracted the interest of researchers around the world. A critical review of the existing worldwide literature of syndicated loan pricing revealed notable gaps, including an almost complete absence of studies on the German corporate market. The overall research aim was to address this gap by exploring and analysing the “hidden drivers” of banks’ pricing of syndicated loans to German corporate borrowers, thereby developing an enriched understanding of the elements and determinants of pricing and its underlying processes and decisions. Adopting a pragmatist research paradigm, I chose a sequential mixed-methods approach, with a limited quantitative analysis preceding an extensive qualitative study. The first stage of the research was designed to evaluate the availability of reliable quantitative pricing data in the public domain—this being the main data source for the clear majority of extant studies. I found the availability and quality of pricing data for the German corporate market to be extremely limited, particularly in comparison to that available relating to the U.S. market. There was clearly much that remained unexplained; hence, primary research was required to illuminate syndicated loan pricing and the decision processes that contribute to it. The main element of the qualitative study was a series of semi-structured, in-depth interviews with a sample of bank lending professionals and key informants. The purpose of these interviews was to explore the complex realities of syndicated lending through the eyes and experiences of the people involved and to interpret the socially constructed phenomena surrounding the pricing of German corporate syndicated loans. The study succeeded in revealing and substantiating important and to date hidden phenomena concerning numerous dimensions of syndicated lending in general and pricing in particular. An explanation was developed for the relative opacity of the German corporate syndicated loan market. The study enabled significant enhancements to the understanding of the concept of pricing and its complex and interwoven elements. More broadly, a new and richer perspective was developed of syndicated lending as a behavioural phenomenon, involving a complex interplay of relationships and strategies, and involving individuals and departments within banks, between banks as members of the syndicate, and between lenders and borrowers. The insights gained informed the development of a comprehensive model of the pricing elements of syndicated lending and their determinants. This research is the first to conduct and produce an in-depth study of the internal workings of syndicated corporate lending in the German market and a study that does not rely on secondary data that are at best incomplete. It has resulted in many rich and original insights and a conceptualisation of syndicated lending that differs radically from the classical understanding of lender-borrower relationships as founded on theories of asymmetric information. The research presented here, therefore, makes significant contributions to the literature, in helping to close notable gaps in the banking and financial intermediation literature.
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Yee, Eric Michael. "The Cost of Going Bulge: A Comparative Analysis of Bulge Bracket and Non-Bulge Bracket Banks and their Impact on IPO Underpricing." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/971.
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This paper examines the role of investment banks in initial public offerings. More specifically, we uncover whether or not bulge bracket banks, on average, more or less underprice IPOs than non-bulge bracket counterparts. Three different models are utilized to uncover the determinants of underpricing, with an emphasis on deal mechanics and quantitative measures of the going public firm.
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Dessaint, Olivier. "Essays in Empirical Corporate Finance." Thesis, Jouy-en Josas, HEC, 2014. http://www.theses.fr/2014EHEC0003/document.
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Cette thèse est composée de trois chapitres distincts. Le premier chapitre montre que les dirigeants réagissent de façon excessive face aux risques qui frappent l'attention. Après un ouragan, le choc produit par la catastrophe sur le risque de liquidité perçu conduit les entreprises situées dans le voisinage de la zone sinistrée à augmenter temporairement leur détention de liquidités alors que le risque réel n'a pas changé. Le deuxième chapitre montre que les dirigeants influencent de façon stratégique l'attention des investisseurs aux annonces de résultats en les prévenant plus ou moins tardivement de la date de l'événement. Cette stratégie leur permet de lisser dans le temps l'impact de mauvais résultats sur leur cours de bourse. Le troisième chapitre étudie l'effet des league tables dans les activités de fusions-acquisitions. Les league tables classent les banques d'investissement. Le rang d'une banque dans la league table prédit sa capacité à engendrer des affaires nouvelles dans le futur, ce qui incite les banques à manipuler leur classementThis dissertation is made of three distinct chapters. The first chapter shows that managers overreact to salient risks. They respond to the occurrence of a hurricane event when their firms are located in the neighborhood of the disaster area. The sudden shock to the perceived liquidity risk leads them to temporarily increase the amount of corporate cash holdings, even though the real liquidity risk remains unchanged. The second chapter examines earnings announcements by US firms, and how far in advance notice of the event is given (the "advance notice period"). Such advance notice period affects how much investors pay attention to earning news. This variation in investors' attention affects short-run and long-run stock prices, thereby creating incentives for firms to strategically reduce the advance notice period when they plan to disclose bad news. The third chapter studies M&A league tables, which provide rankings of investment banks. The rank of a bank in the league table predicts its future deal flow. This creates strong incentives for banks to manage their ranks in the league table
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Zhang, Dongmei. "Customer switching behaviour in the Chinese retail banking industry." Lincoln University, 2009. http://hdl.handle.net/10182/1789.
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With the intense competition and increasing globalization in the financial markets, bank management must develop customer-oriented strategies in order to compete successfully in the competitive retail banking environment. The longer a bank can retain a customer, the greater revenue and cost savings from that customer. However, customers are also more prone to changing their banking behaviour when they can purchase nearly identical financial products provided by the retail banks. In order to stay competitive, bank managers need to understand the factors that influence and determine consumer’s bank switching behaviour. With China's accession to the World Trade Organization (WTO), their financial services market was liberalized and deregulated. As a result, customers have a greater choice between domestic and foreign banks. Furthermore, the emergence of the internet allows customers to access financial products without limitation, and increases the Chinese retail banks’ ability to prevent customers’ switching banks. This study identifies and analyses the factors that influence bank customers’ switching behaviour in the Chinese retail banking industry. The findings reveal that Price, Reputation, Service Quality, Effective Advertising, Involuntary Switching, Distance, and Switching Costs have an impact on customers’ bank switching behaviour. The results also reveal that the Young Age and High Income Groups are more likely to switch banks. In general, the results of this research allow service marketers and practitioners to develop and implement services marketing strategies to decrease customer defection rates, and in turn, increase bank profits. Furthermore, this research provides useful information for future researchers who study switching-behaviour in the banking industry.
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Strandberg, Carl-Johan. "Leveraged Buyouts : An LBO Valuation Model." Thesis, Karlstad University, Faculty of Economic Sciences, Communication and IT, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-5776.
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During the eighties a new type of financial transaction started to emerge on an increasing basis. It was the so called “leveraged buyout” also known as the LBO. In the US private equity firms made it to the headlines in financial media from engaging in leveraged buyouts with small equity investments and large amounts of borrowed capital, their targets where large solid multinational corporations. Much has happened since the eighties. Back then leveraged buyouts where often associated with terms such as “Slash and Burn” or “Buy, Flip and Strip” often meaning hostile takeovers and huge layoffs. Today private equity firms focus more on active ownership, fast decisions without the bureaucracy of the stock market and long term value creation in order to profit from their buyouts.
As private equity firms today invest tremendous amounts of capital through their private equity funds. Leveraged buyouts have become one of the major areas within investment banking. Even though the LBO is a common transaction it is often hard to find models used for valuation of such a deal. Private equity funds and investment banks all have their own valuation models but these are regarded as strictly confidential and seldom revealed to the public. Therefore the creation and publication of an LBO valuation model should be of great interest for everyone aiming at a future career within private equity, corporate finance or investment banking.
This thesis derives a complete LBO valuation model including a framework for finding a suitable LBO target. The LBO valuation model is created in cooperation with the debt capital markets department at one of the leading investment banks in the Nordic region. The framework is based on a qualitative study conducted on seven of the most distinguished private equity firms active in Sweden. In order to show how the LBO valuation model and the framework works, both are applied on the retail company Björn Borg listed on NASDAQ OMX. To verify the accuracy of the framework, calculated return from the model is analyzed and compared to the indications given by the framework.
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Anderson, Luke William. "An analysis of the interval of observation and the risk in stocks : a thesis presented in partial fulfilment of the requirements for the degree of Master of Business Studies in Finance at Massey Unviersity, Palmerston North, New Zealand." Massey University, 2008. http://hdl.handle.net/10179/1026.
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This research examines how the interval of observation affects the assessment of risk in stocks. I do this by analysing the economic and statistical significance of the worst returns on stocks, and by analysing the relationship between the interval of observation and factors which are thought to affect the return on stocks. This research shows the interval of observation used to assess the risk in stocks is important and the conclusions change considerably depending on how the data is drawn. In addition, the results indicate an investor’s time horizon is important in deciding their asset allocation and the style of investment should be suitable for the time horizon selected.
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Buhr, Klaus. "Volatility, price-discovery and trading volume in Australian equity index and option markets : a dissertation presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Auckland, New Zealand." Massey University, 2009. http://hdl.handle.net/10179/1202.
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This dissertation investigates the information considerations of volatility, pricediscovery and the relationship change in volume and volatility resulting from index derivatives transactions on financial markets in Australia. The impact of information on volatility was investigated in the essay one, as volatility is a key factor for accurately pricing derivative securities. I assessed the forecast accuracy, unbiasedness and information content of volatility forecasts, based on implied volatility and conditional volatility models for the S&P/ASX 200 Index Options market in Australia. The conditional volatility models produce the most accurate forecasts and are robust when forecasting into short time horizons. Essay two, investigates the information content of the index and option markets in the price-discovery process. Based on the above volatility results, the long-run equilibrium relationship between the share price index and the implied price of the share-price-index option was investigated. Causality was determined to show which market leads the other. Information share measures were used to gauge the contribution of the share price index and index option markets to the price-discovery process. Unambiguous evidence shows the index market leads the options market and the former contributes more to price-discovery than the latter. In essay three, I investigate the dynamic relationship between the future price volatility of the S&P/ASX 200 Index and the trading volume of the S&P/ASX 200 Index Options to explore the informational role of option volume in predicting price volatility. I found the contemporaneous call options volume have a significant strong positive feedback effect on the implied volatility, but the contemporaneous feedback effect of volume on the TARCH volatility is insignificant. The contemporaneous feedback effects from the implied volatility and the TARCH volatility to the call options volume are positive, significant and strong.
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Senthilnathan, Samithamby. "The role of the most recent prior period's price in value relevance studies : a thesis presented in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Palmerston North, New Zealand." Massey University, 2009. http://hdl.handle.net/10179/930.
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Numerous value relevance investigations use the Ohlson (1995) model to empirically explore the value relevance of accounting variables such as earnings and goodwill amortisation by employing equity price as the dependent variable, but do not incorporate the most recent prior period’s equity price as an additional explanatory variable. The Ohlson (1995) model and the efficient market literature indicate that, since share prices represent the present value of future permanent earnings in an efficient market, the most recent prior period’s equity price should be a crucial variable for explaining the current price in value relevance models. This thesis therefore outlines how the Ohlson (1995) model incorporates the most recent prior period’s price as a potentially important value relevant explanatory variable, and reformulates the Ohlson (1995) model to demonstrate how the empirical specification of value relevance regression models can be greatly improved by including the most recent prior period’s price as an additional explanatory variable. We revisit the Jennings, LeClere, and Thompson (2001) empirical specification used to study whether goodwill amortisation is value relevant and potentially informative with respect to future earnings to illustrate the improvement to the Ohlson (1995) value relevance model empirical specification. When the model specification is improved by including the most recent prior period’s price as an additional explanatory variable, trailing earnings are shown, using time series, cross-sectional, and returns-based analysis, to be at best marginally value relevant when empirically explaining share prices in value relevance regression models. The thesis also indicates that goodwill amortisation should not be deducted from earnings in accounting statements because the presence of goodwill amortisation is significantly positively (not negatively) related to equity prices. This effect is eliminated when the most recent prior period’s price is included as an additional explanatory variable in the regression analysis, thus indicating that goodwill amortisation information as well as trailing earnings information have already been incorporated into the most recent prior period’s price. The thesis further indicates that value relevance studies that use the Ohlson (1995) model should use, for econometric reasons, change in price or else returns, not the price level, as the dependent variable. When returns are used to test the value relevance of goodwill amortisation, firms that report positive goodwill amortization actually have higher subsequent returns, a result that could possibly be due to the fact that growing firms tend to possess goodwill when they use acquisitions to expand. Results obtained when using returns to test whether goodwill amortisation is value relevant therefore extend the existing literature, since the prevailing expectation in the accounting literature is that goodwill amortization either represents a reduction in the value of goodwill over time or is not value relevant.
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Lai, Eugene Chang Fu. "An investigation into optimal stock option compensation : a thesis presented in fulfillment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University." Massey University, 2010. http://hdl.handle.net/10179/1344.
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Throughout twentieth century, it has become increasingly common for executives to be remunerated with stock options, contracts which allow the recipient to buy company stock at a predetermined price, thus giving the incentive to maximize the stock price in order to increase the value of the stock option contract. Not only has stock option compensation become increasingly prevalent to executives at most major listed companies, but also to employees at all levels of the firm, both big and small. However, along with the growth in popularity, stock option compensation also became a topic of contention, not only among the general public, but among lobbyists, legislators and academics. This thesis aims to provide a better understanding of stock option compensation practice, with a particular emphasis on the United States, where stock option compensation is most prevalent. The thesis is divided into three chapters: the first chapter deals with establishing a foundational understanding of stock option practice and possible drivers through investigating the literature on the history of stock option compensation practice in the US. The second chapter develops a holistic theoretical model of an optimal stock option compensation package to possibly explain some practice currently considered as excessive. Then lastly, the third chapter empirically tests the validity of possible drivers of executive stock option policy in recent times in an attempt to identify whether current practice is optimal or not. The first chapter is primarily a literature review, covering a series of events over the history of stock option compensation in the US, ranging from its early beginnings in the early twentieth century until the present day. Included in the coverage of significant events are: legislation impacting tax benefits for corporate and for recipients; “landmark” events such as the first case of “broad-based” option compensation resulting in companies following a standard business practice; trends in the stock market; academic theory of the development of agency theory which supports the use of tools such as equity based compensation, and the development of major option valuation models; the possible impact of accounting standards; and the possibly impact of major bankruptcies or unethical behavior directly or indirectly tied to executive stock option compensation. The second chapter follows with a theoretical approach to understanding stock option compensation trends by analyzing the major benefits and costs associated with stock options. The model developed differs to most other existing optimization models as it does not focus on one set of benefits or factors, rather a more holistic approach is taken. Using a holistic approach, this model also helps explain how levels of compensation that are considered excessive under an optimisation model based only incentive benefits, can actually be optimal for the firm once other costs and benefits are incorporated. The model also aims to provide an alternative explanation to the managerial power hypothesis to explain why the buoyancy of the market may be positively correlated with compensation levels. This is explained by the impact of the buoyancy of the market on the likelihood of stock option exercise, and the costs and benefits either unconditional, partially conditional or conditional on options being exercised. In addition, smaller companies are also found to benefit from stock options more than larger firms due to some of the unconditional benefits, in particular, the ability to attract higher quality talent which can also help small firms fulfil untapped potential. Lastly, the model also provides useful insight into the appropriateness of using of foregone option premiums as the economic opportunity cost of granting stock options. The third chapter aims to empirically test the impact of several factors brought up in Chapter One that may help explain changes in compensation that occurred at the turn of the century. These major factors analyzed are: 1) the bull market prior to and the bear market following the market crash of 2000, 2) changes in accounting standards for equity based compensation, and 3) possible public perception of corruption following several major bankruptcies associated with poor ethics in 2002. Mixed evidence is found regarding the impact of market cycles. These findings include cycles to be linked to granting options out-of-the-money, a general inverse relationship with the levels of stock option compensation with the buoyancy of the market, expected for companies managing incentives, and finally there are indications companies ceased granting options based on poor company stock price performance prior to 2001. Other findings indicate the possible influence of accounting standards on economic decisions as well as the broad impact of events surrounding 2001-2, even though they have no economic impact. On the one hand, decreases in stock option compensation levels is shown to be linked to accounting decisions, however, there is insufficient evidence to support the argument that firm-wide decision making to cease granting stock options completely was based on accounting decisions.
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Teh, Chor Tik. "Compliance and impact of corporate governance best practice code on the financial performance of New Zealand listed companies : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Business and Admnistration at Massey University, Auckland campus, New Zealand." Massey University, 2009. http://hdl.handle.net/10179/1004.
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The corporate governance best practice code (Code) of the New Zealand Exchange (NZX) came into effect on October 29, 2003. However, so far there is no systematic study of compliance with and impact of NZX Code on the performance of NZX companies. This study attempts to provide some answers to the perceived knowledge gap. The NZX Code recommends certain governance mechanisms to enhance corporate performance. The mechanisms analysed in this study are the percentage of independent directors, duality, presence of board subcommittees (audit, remuneration, and nomination), and the performance evaluation of board and individual directors. This thesis examines the possible relationship between recommended governance structures and the performance of NZX companies for the years 2003 (pre-Code) and 2007 (post Code), using data from the same 89 companies for each year. Although the number of companies adopting the NZX structures has increased, the rate of full compliance of the Code remains disappointingly low, rising from 5.6% in 2003 to just 22.5% in 2007. Probably due to the small sample size relative to the number of independent variables, and the problem of co-linearity, the multiple linear regression results do not seem to be conclusive and may be unreliable as the basis to form any formal statistical inference. However, treating the 89 companies as the whole population (89 out of 90), and using a simpler and more descriptive statistical tool to analyse the impact of individual independent variables on firm performance, the 2007 results show a consistent pattern of a positive relationship between Code compliance and firm performance, assuming all other factors being constant. This positive relationship is further reinforced by dividing the population into the various industry groupings as classified by the NZX, which also results in a consistent pattern of companies which comply fully with the Code structures financially outperforming companies that only partially comply with the Code during 2007. Surprisingly, listed companies adhering to the Chairman/CEO dual role do not seem to have impacted negatively on firm performance, contrary to agency theory expectation.
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Seng, Youradin. "Towards ASEAN Bank Governance Coherence: Theories of Convergence in Corporate Governance." Thesis, 2022. https://vuir.vu.edu.au/44705/.
Full textAbstract:
The ASEAN Banking Integration program aims to enable banks to operate freely and receive equal treatment as local banks operating across ASEAN. However, due to the lack of banking regulations, such as corporate governance guidelines, banking integration is limited to reciprocal bilateral agreements. This research identifies the gap in bank corporate governance rules across ASEAN based on the Basel Committee on Banking Supervision’s (BCBS) Corporate Governance Principles for Banks, and assessed the value of theories of convergence in corporate governance to achieve increased coherency. An original contribution of the study is its development of a single standard indices of bank corporate governance for ASEAN. Academically, this study contributes to knowledge by contributing original research into the corporate governance of ASEAN banks and validating convergence theories in corporate governance in the ASEAN context. Also, the study results provided policy and practical advice for ABIF workgroups, regulators at the national level, and banks in approaching a single standard of bank corporate governance. A single rulebook containing bank regulations applicable to all banks is the key to achieving ASEAN’s goal of an integrated financial and banking system across the region.
This research is an exploratory project characterized by a qualitative study and case study methodology. The first section of the study is based on a methodology from previous studies
“Law and Finance” (LaPorta, Silanes & Shleifer 1998) and “Corporate Governance in ASEAN Financial Corporations - Illusion or Reality” (Chuanrommanee & Swierczek 2007) which involved content analysis and indices development. The content of documents (laws, regulations, guidelines, and notifications) of each country were scrutinized and interpreted through a systematic classification process according to the content analysis approach, and certain patterns of bank governance rules across ASEAN countries were identified in respect to the developed indices. It is noted that the indices are based on the “BCBS’s Corporate Governance principles for Banks” consisting of 56 criteria that were used to evaluate six attributes of corporate governance. These attributes were derived from the stakeholder theory which is core to the organization of banking institutes. The development of the corporate governance indices was guided by an analytical framework for policy research. The assessment of the indices via scalogram analysis and univariate data indicators involved the measurement of dispersion, percentile analysis, scatterplots, the normal distribution bellshape curve, and a box-chart. These techniques allowed the description of the data from different perspectives.
The second section of the study focused on the application of convergence theories in corporate governance to the country profiles (in terms of the data obtained such as aggregate foreign/domestic share ownership, loan portfolios by sector, political stability indicators, etc) and the assessment of the likelihood of bank governance convergence was based on the theories. The type of data used were secondary data. Information on bank corporate governance was drawn from legal documents and each country’s consolidated banking data. The cornerstone data were bank governance principles that were instrumentalized in the form of laws, regulations, guidelines, and notifications by the national banking supervisory authorities of each ASEAN countries and numerical data from the authority’s online database and Orbis database. In terms of the data source, data were accessed electronically via public databases through the official websites of the banking supervisory authority of each country (other sources are cited accordingly) and the Orbis online database.
The study results suggested that bank governance rules are diverse across all ASEAN countries. Of the 56 assessed criteria, only two governance rules were common to all the studied countries. These were that cases that the board should approve the selection of the CEO and banks should establish a risk committee. There were also variances in terms of each country’s commitment to strengthening bank corporate governance. One of the contributing factors was the depth and stage of the development of a country’s financial sector. Another was the level of a country’s compliance with the BCBS’s governance principles for banks. For instance, Brunei, Singapore, and the Philippines were most compliant with BCBS’s principles with compliance rates of 88%, 73%, and 64% respectively. Myanmar was the least compliant country and accounted for only 20% of the overall compliance rate.
Based on the study of four premises about legal systems, political conditions, cultural traits, and economics, the study suggested that there was a tendency towards convergence of the bank governance rules across ASEAN and that the adoption of a single standard was possible. Nevertheless, in order to approach a single rulebook of bank governance, several factors should be brought to the attention of the regulatory bodies and the ASEAN ABIF working group, such as differences in legal systems and political conditions, while the most important element was commitment and political will toward integration. The study also suggested that the most viable and optimal model for ASEAN is a hybrid model of governance convergence. This model requires benchmarking with the international standard and complements the features and conditions of ASEAN identities in terms of legal systems, financial sector development stages, regulator cooperation at a regional level, etc. Further characteristics of the proposed hybrid model are suggested for future research.
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Alahakoon, Dona. "Factors Influencing the Business Acquisition Decision (the Deal Value) of Listed Companies in Australia." Thesis, 2021. https://vuir.vu.edu.au/42453/.
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Investments in business acquisitions have become a key part of corporate investment strategy. Business acquisitions are a vibrant investment decision which forms part of a firm’s growth strategy, that influences and determines firm value. Efficiency theory suggests that companies are motivated to invest in business acquisitions to realise synergy gains. Although there are previous studies undertaken to examine determinants of domestic business acquisitions in countries like the U.S and the U.K, determinants applicable in these countries may not have equal influence on business acquisition decisions of companies that are listed on the Australian Securities Exchange. Identification of factors influencing the business acquisition decision (the deal value) of companies listed on the Australian Securities Exchange provides a theroritical guidance on estimating the most possible purchase price consideration for acquirers and on formulating new policies to develop a more competitive capital market for regulators.
The study by Erel et al. (2012) shows Australia is having the largest number of domestic mergers and acquisitions recording 4,875 during the period from 1990 to 2007 compared to all mergers and acquisitions recorded in all other countries. The importance of identifying factors influencing business acquisition decisions motivates this study to examine the factors influencing the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange. This study examines the factors influencing the business acquisition decision of companies that are listed on the Australian Securities Exchange, from acquirer’s characteristics and macro-economic point of view. This study also investigates whether the determinants related to acquirer’s characteristics and the macro-economic environment are impacted by the industry classification and the time. Specifically, the study examines how the determinants, such as acquirer’s characteristics (profitability, leverage and liquidity), and macro-economic characteristics (interest rate, exchange rate and stock market index) affect the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange.
The Ordinary Least Squares (OLS) multiple regression assessment of the 160 completed business acquisitions representing 79.13 per cent of population in terms of total deal value of completed business acquisitions during 1997 to 2012 shows evidence that the acquirer’s profitability before considering the impact of the industry classification and the time, is statistically significantly positively associated with the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange. This finding lends support to previous empirical studies that greater profitability of an acquirer motivates them investing on business acquisitions. The study finds that the acquirer’s leverage before considering the impact of the industry classification and the time, is statistically positively associated with the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange. This finding contributes to previous empirical studies that greater leverage of an acquirer motivates them investing on business acquisitions. The study finds that the acquirer’s liquidity before considering the impact of the industry classification and the time, is statistically significantly negatively associated with their business acquisition decision (deal value) of acquirers that are listed on the Australian Securities Exchange. This finding is not consistent with the findings from prior studies.
When acquirer’s business acquisition decision is influenced by their industry classification, this study support that the acquirer’s profitability and leverage have a statistically significant positive impact on the business acquisition decision (the deal value) of acquirers listed on the Australian Securities Exchange whilst the acquirer’s liquidity has a statistically negative impact on their business acquisition decision.
When acquirer’s business acquisition decision is influenced by the time in terms of when the business acquisition occurs, this study support that the acquirer’s profitability and leverage have a statistically significant positive impact on the business acquisition decision (the deal value) of acquirers listed on the Australian Securities Exchange whilst the acquirer’s liquidity has a statistically negative impact on their business acquisition decision.
This study finds that the macro-economic variables of interest rate and exchange rate are statistically significantly positively associated with the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange. This finding supports to previous empirical studies that higher interest rate and higher exchange rate motivate investments in business acquisitions. The study supports that the macro-economic variable, stock market index is statistically negatively associated with the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange. This finding supports to previous empirical studies that the lower stock market index motivates investments in business acquisitions.
When acquirer’s business acquisition decision is influenced by their industry classification, this study support that the macro-economic variables of interest rate and exchange rate have a statistically significant positive impact on the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange whilst the macro-economic variable stock market index is statistically negatively associated with the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange.
When acquirer’s business acquisition decision is influenced by the time in terms of when the business acquisition occurs, the study supports that the macro-economic variable stock market index has a statistically positive impact on the business acquisition decision (the deal value) of acquirers that are listed on the Australian Securities Exchange.
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Liang, Fuyuan. "From Favourable Treatments to Conflicts: Some Selected Case Studies of Chinese Investments in Australia." Thesis, 2021. https://vuir.vu.edu.au/43679/.
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A comprehensive and rigid analysis of Chinese investment in Australia for the past four decades is an under-researched topic, though there had been sporadic treatments of this subject matter from the perspective of single institutions in economics, politics, and culture. The neoliberalism era marked a honeymoon between China and Australia, which boosted the Chinese investments in Australia, marked by the Australia-China Free Trade Agreement and the ‘One Belt One Road Initiative’ Agreement, signed by the Victorian Government and the Chinese Development and Reform Commission. Recent years witnessed a deterioration of the Australia and China relationships and the “tit-for-tat” strategies and racism movements which discourage the Chinese investments in Australia.
This study has developed a conceptual framework consisting of economic, political, cultural and institutional factors that may explain the Australian government’s decision of rejecting certain Chinese investments in recent years. Case studies were employed to illustrate the application of the conceptual framework. The findings suggest that the conceptual framework can be utilized to explain why the Australian government rejected certain Chinese investments.
This research aims to analyze the determinants of Australia Government’s rejection of Chinese investment in Australia. Case studies in the field of the Australian mining sector, agriculture and agribusiness, and infrastructure unveil that political distrust towards Chinese investment in Australia is a major source of refusing Chinese investment. This led to continuous reduction of Chinese investment in Australia since 2016. Such political distrust which works against the national interest of the respective countries, may also drive the decline of Chinese investment in Australia.
This research contributes to the literature by examining the factors which lead to the Australian Government’s decision to reject certain Chinese investments based on in depth analysis of case studies. This will be useful for understanding how to enlarge shared interest for policymakers, businessmen and academic researchers.
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Almajed, Sultan Mohammed A. "Stock Market Reaction to Company Announcements in an Emerging Stock Market: The Case of Saudi Arabia." Thesis, 2020. https://vuir.vu.edu.au/42795/.
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Announcement events are essential for investors and shareholders, enabling them to determine the viability of their investments. According to efficient market theory, stock prices in a semi-strong market factor in all material public information. Therefore, publicly issued financial announcements may influence demand for stocks and affect their prices. This thesis examines how announcements of annual earnings, top management changes and annual general meetings (AGMs) influence stock returns in Saudi Arabia. The thesis also explores stock price adjustment to these announcements to determine the efficiency of the stock market. Lastly, the thesis investigates whether different firm characteristics (size, government ownership and sector) are determinants of stock return reactions related to the announcements period.
The study examined 171 companies and 1,637 announcements between 2014 and 2018. An event study methodology was adopted to investigate the impact of announcements on stock returns. The Fama-French three-factor model served to compute the expected returns while the Generalized method of moments (GMM) estimation method was applied to deal with endogeneity and simultaneity biases. These arise when the explanatory variable is correlated with the residual disturbance term.
The results confirm that the Saudi stock market does not exhibit a semi-strong form of market efficiency because significant abnormal returns were observed on event periods. These returns imply that the market considers announcements of earnings, top management changes and AGMs to be useful. The stock market did not exhibit an efficient response to earnings announcements, suggesting a pause in the reaction to market information. Evidence of underreaction to good earnings news and overreaction to bad earnings news was observed, suggesting that the stock market is driven by the dominance of individual investors, with a lack of financial analysts. Top management change announcements led to significant negative abnormal returns, suggesting that investors continue to respond negatively, although there is no immediate response. Thus, the market is not working efficiently. Forced resignation news yielded significant positive abnormal returns on the event day, indicating that dismissal news enhances investor confidence. Retirement and voluntary departure announcements generated negative abnormal returns on the event day, suggesting that investors are worried about the new successor and the company’s future after the loss of the retiring or departing executive’s experience. New appointment announcements yielded significant positive abnormal returns on the event day although there were significant negative abnormal returns on the succeeding days, suggesting the new appointee may not have inspired investor confidence. The results also indicated that the stock market responds significantly and quickly to AGM announcements, implying that these announcements contain useful information. The findings identified size in the top management changes period, government ownership in the annual earnings announcement period and sector in all three announcement event periods as the major determinants of stock price reaction. These determinants influenced stock market efficiency in the sample period.
The findings provide valuable information to market participants by clarifying the effects of announcement events on the emerging stock market and indicating whether firm factors influence stock market efficiency at times around announcements. This study lays a foundation for future research into listed companies’ public announcements in other developing countries or for comparisons with more developed countries.
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Li, Xiaolin. "The role of social media in equity-based crowdfunding in China: an empirical analysis based on signalling theory." Thesis, 2022. https://vuir.vu.edu.au/44697/.
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Crowdfunding is an internet-based fund-raising tool. It brings together people who are seeking financial support from individuals or groups to launch new firms with funders who contribute a small amount each to the venture. As disruptive technology is a prevailing feature of the current digital era, crowdfunding has attracted substantial attention from academics, industry, and the public since its emergence. In the academic context, the debate of crowdfunding from scholars is principally revolved around the factors that impact the performance of crowdfunding. In all these identified factors, social capital, human capital, and intellectual capital have been highlighted by many as high value research and been recognized as positive signals to the equity crowdfunding performance in a signalling theory perspective in the relevantly mature western equity crowdfunding market. In addition, scholars have recognized the important role of social media in equity crowdfunding, since this unique online fundraising tool’s characteristic makes social media the only pathway for crowdfunding entrepreneurs, platforms, and investors to communicate with each other.
While the related research is substantial in literature focusing on advanced economies, empirical evidence on the emerging Chinese equity crowdfunding industry is scarce. This study sought to filling in the gap by analyzing the determination of the equity crowdfunding performance in Chinese market, particularly the impacts of determinants on equity crowdfunds’ performance in terms of funding amount, funding speed, funding campaign completion time, and annual yield. The research adopts the theoretical framework developed by Ahlers, Cumming, Guenther, and Schweizer (2015), which consists of Social Capital, Human Capital and Intellectual Capital, to identify and analyse how effective signals are to the attraction of funds through social media in equity crowdfunding. The research question is: Does social media have, if any, impacts on the investors’ decisions in and the performance of crowdfunding projects?
This project takes a quantitative research method, collects data from the leading Chinese equity-based crowdfunding platform ‘Colourful Investing’, and analyses the data employing multiple linear regression models in SPSS. Our sample includes one hundred and fifty-eight projects which have been hand-collected from the platform. The results confirm the signalling effect of equity crowdfunding entrepreneurs business education experience on the equity crowdfunding success, identifying that the promotion activity on social media by equity crowdfunding entrepreneurs and platform has a significant impact on the performance of equity crowdfunds, particularly the speed of equity crowdfunding campaigns and the annual yield rate of the equity crowdfunding campaigns. Besides, this result confirms the equity crowdfunding entrepreneur’s role of being a member of branded chain business on the campaign’s success. This study further compares the current regulations on equity crowdfunding in China and the corresponding laws and regulations in the western world and developed recommendations for policy and legal reforms in the future.
The research findings answered the research question that:
i. the social capital and human capital serve as positive signals in the Chinese equity crowdfunding market.
ii. the promotion activity on social media platforms positively moderates the relationship between startup’s social capital and human capital and funding performance.
iii. intellectual capital is not a statistically significant determinant of the Chinese equity crowdfunding market which is different from that in mature western equity crowdfunding market.
iv. Furthermore, the findings suggest that the immaturity of equity crowdfunding market in China is due to the current ambitious legislation and policy situation. Hereby, policy implications are that the policy makers should pay attention on clarifying the disclosure obligations of financiers, setting reasonable threshold access for entrepreneurs, enhancing project management of the equity crowdfunding platform and the supervision of the platform.
This study establishes empirical evidence of Social Media’s moderating effect on the performance of Equity Crowdfunding in China. The research fills in a gap relates to the absence of empirical research on the social media’s impact on equity-based crowdfunding performance in China. This is one of the first few studies to find that the founders’ experience of working in a branded Chain business improves the crowdfunding performance, which has not been stated by the existing equity crowdfunding discipline research and could be considered as a unique signal of equity crowdfunding performance under the nascent and unregulated Chinese equity crowdfunding industry It provides new insights into understanding the new-emerging equity crowdfunding industry in China in a signalling perspective with statistical evidence based on an empirical model. The study combines the views of both investors’ decision- making behaviour and entrepreneurs’ fundraising techniques which may serve as a basis for future research on the Equity Crowdfunding regulations in China.
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Wardlaw, Malcolm Ian. "Essays on banking and corporate investment." Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-08-4291.
Full textAbstract:
This dissertation examines issues in banking and the financing of corporate investment. The first chapter investigates the impact of changes in a bank's health on the investment behavior of its current borrowers for a panel of U.S. firms. I find that, after controlling for aggregate credit availability and the condition of outside banks, firms reduce their investment when the health of their primary bank deteriorates. This effect is only present while the firm maintains a borrowing relationship with the bank and does not appear to be driven by changes in region or industry specific investment opportunities. The health of the existing lender is more important for younger, more opaque firms with greater reliance on their primary bank. I also find that this effect became less significant after the early 1990s, suggesting that bank dependence appears to diminish during long periods of stability. However, results from the recent financial crisis show that healthy banking relationships remain very important to U.S. firm investment.
The second chapter, adapted from joint work with Richard Lowery, examines the determinants of covenant structure in private debt contracts. While previous studies have demonstrated a relationship between firm characteristics and the overall strictness of loan contracts, few studies have examined why covenants are written on a range of accounting variables and what determines their selective use. Using a simple model of firm investment where firms face uncertain cash flows and investment opportunities, this essay characterizes the conditions under which it is optimal for a debt contract to specify a restriction on investment or to specify a minimum cash flow realization.
Consistent with this model, empirical evidence demonstrates that the application of covenants based on these variables is not necessarily monotonic in firm risk. While the financially riskiest firms tend to employ capital expenditure covenants, cash flow and net worth covenants are most common among moderately risky firms with greater profitability and firms with stronger baking relationships. The results also highlight the importance of debt covenants in both mitigating agency frictions and maximizing the value of future private information.text
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"Three essays in investment banking." Tulane University, 2005.
Find full textAbstract:
Anecdotal evidence suggests that underwriters prefer long-term investors among IPO investors and academic research has shown that long-term ownership improves value of the firm. Nevertheless, academic research has focused on initial allocation to IPO investors without considering effects of long-term holdings. Benveniste and Spindt (1989) argue that underpricing of IPO firms is compensation for the regular investors who reveal the true information about the IPO firm during the bookbuilding process. Aggarwal, Prabhala, and Puri (2002) find that initial allocations to institutions have positive impact on offer price revisions, but they appear to be too large to be explained only by information gathering. We present game theory model and empirical evidence that underpricing is given as compensation for long-term holdings. The compensation is made in two-installments; the flipping revenues, and the capital gains in the future sale of the allocation remainder. We find that long term holding by institutional investors is large, positively correlated with revisions of the offer price, showing that it adds value, and positively correlated with underpricing, showing that institutions get larger allocations of more underpriced offerings to cover their larger monitoring cost Despite significance of Investment Banks in financial world, governance of investment banks is largely unexamined. Academic studies of governance are ambivalent and often contradictory. Samples of firms from different industries pool firms with heterogeneous governance structures, which can confound empirical estimates of relationships among governance characteristics. Most governance characteristics are endogenous. We apply the novel method that uses external measures of governance: CEO pay-for-performance sensitivity, stock returns, competition in product markets, and disciplinary pressure from corporate control market, in order to assess the governance of investment banks. We conclude that banks are well governed over sample period We also examine whether there is a transfer of private information when investment bank is related to both sides of M&A transaction. We find that acquirer's announcement returns are higher when its advisor was involved with target. Target announcement returns are not affected. Overall evidence suggests that previous relationship is not harmful to any side in the transaction and is likely beneficial to acquirersacase@tulane.edu
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Weller, Christian Erik. "Financial liberalization, multinational banks and investment: Three essays on the cases of Hungary and Poland." 1998. https://scholarworks.umass.edu/dissertations/AAI9823787.
Full textAbstract:
The number of multinational banks (MNBs) has increased in Central Europe, while the amount of real credit has decreased. This dissertation investigates whether there is a causal link between increased international financial competition (IFC) and the decline of real credit in Poland and Hungary, and what the impact of declining real lending is on investment across industries. First, based on the Hungarian and Polish experiences I analyze whether there is a link between greater IFC and less real credit. I provide an argument that links the number of MNBs to capital levels for domestic banks, and hence to their lending capacity. I test this argument empirically using data from central banks, central statistical offices, and private institutions, and exploring alternative explanations for declining real credit. The evidence suggests that Polish and Hungarian banks are placed in a paradoxical situation since greater IFC raises their need for capital, but also limits their ability to attract it. The evidence indicates further that the efficiency increases from competition do not outweigh the limits on domestic banks' capital, which in turn helps to explain the decline in real credit. Second, I use panel and time series data to test whether early IFC has partially caused declining real lending. I test this hypothesis based on a credit supply function for domestic banks, and on data for 9 regional and 5 specialized Polish banks for 39 months. The estimation results indicate that domestic banks increase lending in anticipation of greater international financial competition, but that they decrease their lending once MNBs have established operations. As a net result of these two effects the supply of credit declines. Third, I study how the decline in real credit has affected the amount of investment in Polish industries. I use a model that links finance and investment, and a data set of 23 observations for 25 industries. The panel estimation results suggest that internal and external finance are significant in determining investment, and that industries prefer internal over external finance.
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"Online banking investment decision with real option pricing analysis." 2001. http://library.cuhk.edu.hk/record=b5890704.
Full textAbstract:
Chu Chun-fai, Carlin.Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 69-73).
Abstracts in English and Chinese.
Chapter Part I: --- INTRODUCTION --- p.1
Chapter Part II: --- LITERATURE REVIEW --- p.4
Chapter - --- Financial option-pricing theory
Chapter - --- Real option-pricing theory
Chapter - --- Real option-pricing theory in Management Information System Area
Chapter Part III: --- CASE BACKGROUND --- p.14
Chapter - --- Case Background
Chapter - --- Availability of online banking services in Hong Kong
Chapter - --- Online banking investment in the Hong Kong Chinese Bank
Chapter Part IV: --- RESEARCH MODEL --- p.19
Chapter - --- Research model
Chapter - --- Modelling of the optimal timing problem of HKCB
Chapter - --- Justification of geometric Brownian motion assumption for using Black-Scholes formula
Chapter Part V : --- DATA COLLECTION --- p.30
Chapter Part VI: --- ANALYSIS RESULT --- p.35
Chapter - --- Analysis result
Chapter - --- Sensitivity analysis on the selected parameters
Chapter - --- Suggested investment timing
Chapter Part VII: --- DISCUSSIONS AND IMPLICATIONS --- p.44
Chapter - --- Result discussion
Chapter - --- Implications for researchers
Chapter - --- Implications for practitioners
Chapter Part VIII: --- LIMITATIONS AND CONTRIBUTIONS --- p.48
Chapter - --- Limitation on data collection process
Chapter - --- Limitations on Black-Scholes model
Chapter - --- Contributions
APPENDIX
Appendix A -Limitation of traditional Discounted Cash Flow analysis --- p.51
Appendix B -Banks services available to the customers --- p.54
Appendix C -Sample path of a Geometric Brownian Motion --- p.56
Appendix D -Discounted Cash Flows analysis of immediate entry of online banking investment --- p.57
Appendix E -Black-Scholes formula and its interpretation for non-traded --- p.61
Appendix F -Questionnaire for Online banking investment --- p.64
Appendix G -Availability of online banking services in May 2001 --- p.67
Appendix H -Sensitivity analysis on the number of initial usage --- p.68
Appendix I -Reference List --- p.69
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"A study of trust and investment companies in China." 1999. http://library.cuhk.edu.hk/record=b5889482.
Full textAbstract:
by Siu Ngar-Yin Diana, Wong Fung-Yu Eve.Thesis (M.B.A.)--Chinese University of Hong Kong, 1999.
Includes bibliographical references (leaves 60-61).
ABSTRACT --- p.ii
TABLE OF CONTENT --- p.iv
ACKNOWLEDGEMENT --- p.vi
Chapter
Chapter I. --- INTRODUCTION --- p.1
Objective --- p.1
Methodology --- p.2
Chapter II. --- HISTORICAL OVERVIEW OF FINANCIAL REFORMS (1979-1992) --- p.3
Banking Reforms from 1979 to 1992 --- p.3
Reforms since 1994 --- p.5
Effects of Reforms --- p.7
Central Bank Autonomy --- p.7
New Instruments of Monetary Management --- p.8
Reforms of the Interbank Market --- p.8
Regulation and Competition --- p.9
Chapter III. --- TRUST AND INVESTMENT COMPANIES IN CHINA --- p.11
Emergence of TICs in China --- p.11
Development of TICs in China --- p.12
The Early Trust Industry --- p.12
TICs in the 80s --- p.13
The Latest Development of TICs --- p.16
Business Activities of TICs --- p.17
ITICs --- p.18
Funding --- p.18
Regulations and Legal Position of TICs --- p.19
Minimize Legal Capital --- p.21
Location and Ownership --- p.22
Supervision --- p.22
Prudential Ratios --- p.23
Participation in the Interbank Market --- p.23
The Role of TICs in the Economic Reform --- p.24
Some Important TICs and ITICs --- p.26
National Level TICs --- p.27
Provincial Level TICs --- p.29
Chapter IV. --- THE GITIC INCIDENT --- p.32
Chapter V. --- IMPACT AND IMPLICATION OF THE GITIC INCIDENT --- p.36
Possible Problems Lead to the Failure --- p.36
The Dilemma --- p.40
Collapse of Confidence --- p.41
Burden on State Banks --- p.41
Implications of GITIC Case --- p.42
Chapter VI. --- RECOMMENDATIONS AND CONCLUSION --- p.46
Limitations --- p.46
Recommendations --- p.47
Conclusion --- p.49
APPENDIX --- p.50
Table 1.1 - The Structure of Chinese Financial System (by 1995) --- p.50
Table 1.2 - Chronology of Economic Reform --- p.52
Table 1.3 - Chronology of Financial Sector Reform --- p.53
Table 1.4 - Permitted Business Activities and Managerial Requirements for TICs --- p.54
Table 1.5 - Prudential Ratios for TICs in China (1994) --- p.56
Table 1.6 - A Summary of GITIC's Business by 1997 --- p.57
Figure 1.1 - Composition of Deposits by TICs (1986-1996) --- p.58
Figure 1.2 - The Supervision of TICs by PBOC --- p.59
BIBLIOGRAPHY --- p.60
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Al-Hajri, Salim. "Internet technology adoption in the banking industry." Thesis, 2005. https://vuir.vu.edu.au/15431/.
Full textAbstract:
The banking industry in Oman is of major importance to Oman's economy, yet the banks continue to conduct their banking transactions using traditional methods. A
strong banking industry supports economic developments significantly through its efficient financial services. The role of the banking industry in trying to achieve the
objectives outlined by the Sultan of Oman will depend heavily on the industry's capabilities. This requires banks to introduce changes (both at the procedural level
and at the informational level) such as the banking industry moving from traditional distribution channel banking to electronic distribution channel banking. Given the prevalence of Internet technology adoption by the banking industry in developed countries, the reason for the lack of such an innovation in developing countries such
as Oman is a fruitful research question. The aim of this thesis is to explore managers' perceptions of Internet technology and their tendency to adopt it in the banking industry.
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Kolasinski, Adam, and S. P. Kothari. "Investment Banking and Analyst Objectivity: Evidence from Forecasts and Recommendations of Analysts Affiliated with M&A Advisors." 2004. http://hdl.handle.net/1721.1/5069.
Full textAbstract:
Previous research finds some evidence that analysts affiliated with equity underwriters issue more optimistic earnings growth forecasts and optimistic recommendations of client stock than unaffiliated analysts. Unfortunately, these studies are unable to discriminate between three competing hypotheses for the apparent optimism. Under the bribery hypothesis, underwriting clients, with the promise of underwriting fees, coax analysts to compromise their objectivity. The execution-related conflict of hypothesis postulates that the investment banks employing analysts who are more bullish on a particular stock are better able to execute the deal, and so the banks pressure their analysts to be bullish in order to enhance their execution ability. Finally, the selection bias hypothesis postulates that analysts are objective, but because of the enhanced execution ability, banks with more optimistic analysts are more likely to get selected as underwriters. We test these hypotheses in a previously unexplored setting, namely M&A activities. Depending on whether an analyst is affiliated with the target or the acquirer and whether the analyst report is about the target or the acquirer, the hypotheses predict analyst optimism in some cases and pessimism in other. Therefore, examining the issue of analyst bias in the M&A context allows us to shed some light on alternative explanations for the impact of analyst affiliation on the properties of analyst forecasts and recommendations.
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Hunzinger, C. B. "Reviewing a framework to price a credit risky derivative post the credit crisis." Thesis, 2014.
Find full textAbstract:
A dissertation submitted to the Faculty of Science, University of the Witwatersrand, Johannesburg, in fulfilment of the requirements for the degree of Master of Science. Johannesburg, 2014.The period between 2008 and 2009 was an interesting and dramatic time for financial markets. This period marked the beginning of the financial tsunami that would plague global markets for many years to come. This economic meltdown had massive effects on many everyday issues such as house prices, interest rates and inflation. Investment banks were also affected with numerous investment banks either defaulting or being taken over by the U.S. Federal Reserve to avoid default. This group of investment banks include names such as Lehman Brothers, Bear Sterns, Fannie Mae, Freddy Mac and many more. The myth of “too big to fail” was tested and failed because of the number of banks that were allowed to default during the crisis. Many things have changed because of the crisis. One area in finance that has changed is the pricing of financial derivatives. The realisation that huge investment banks can default has dried up the liquidity in capital markets. Therefore banks cannot borrow a shortfall of cash at a risk-free rate anymore but rather at a significant spread over the risk-free rate. The risk-free rate is a core concept of derivative pricing. If investment banks cannot borrow and lend at the risk-free rate then the Black-Sholes-Merton theory laid down in the 1970’s may not be applicable post the credit crisis. The aim of this dissertation is to review the framework of Piterbarg, Burgard and Kjaer to price a general derivative post the credit crisis. This review includes a variety of numerical methods to implement the framework.
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Tworek, Joel. "Levels and proficiencies of consumer financial literacy among apprentices in the western suburbs of Melbourne, Australia." Thesis, 2006. https://vuir.vu.edu.au/32992/.
Full textAbstract:
In this research study we have adopted Mason and Wilson's (2000) definition of being
financially literate as "the ability to make informed judgments and to take effective
decisions regarding the use and management of money". Keeping this definition in
mind, certain financial skills are identified as important for apprentices, to rightfully
be considered financially literate. These skills include basic financial mathematical
skills, cash and financial management, basic knowledge of payment methods,
superannuation, loans, investments and the ability to source financial assistance.
Through analysing the survey data we found that a significant percentage of
apprentices do not possess the required financial skills identified in this study to
manage their finances effectively.
It was also found that apprentices lack understanding of more complex payment
methods such as credit cards and EFTPOS, as a result these are not used on a regular
basis. Major areas of concern are knowledge of superannuation, interest rates and
personal loans.
Finally, the data revealed that apprentices could identify the importance of financial
management and its benefits. Unfortunately this is often not put into practice. Hence a
major indication from the study was that apprentices lack most basic knowledge and
confidence to actively manage their finances effectively.
This study has identified that apprentices would benefit from an effective education
program aimed at improving their financial skills. For an apprentice to feel
comfortable with their current financial position, they need to be confident with both
their current asset position and debt level. With this understanding, a financial
education program primarily aimed at teenager and young adults is well advised, to
engage the major areas in order to give apprentices confidence in their financial
position. Once this has been achieved they can then move on to improving their
knowledge of payment methods and other financial products.
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Satjawathee, Theeralak. "The performance of equity funds in Thailand, 1992-2000." Thesis, 2004. https://vuir.vu.edu.au/15681/.
Full textAbstract:
The primary aim of this study is to examine Thai equity fund performance during the period 1992-2000. The achievement of the primary aim will involve investigation of
fund performance in sub-periods of expansionary and contractionary market environments, the relationship between investment performance and risk, and the correlation between the risk-adjusted performance measures. The secondary aim of this study is to investigate the persistence of fund performance between a subsequent
period and a series of prior periods of varying length. This study of persistence will lead to an exploration of an optimal past performance information set of equity funds
in Thailand.
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Sangiam, Permporn. "Japan's foreign direct investment in Thailand: trends, patterns and determinants, 1970-2003." Thesis, 2006. https://vuir.vu.edu.au/15680/.
Full textAbstract:
This thesis examines the trends, patterns and determinants of Japan's foreign direct investment (FDI) in Thailand during the period 1970 to 2003, taking into account the up
to date literature and most recent data. The research consists of analyses of the trends and patterns of Japan's FDI in Thailand, literature reviews of the theories and empirical studies of FDI in general and in particular of FDI in Thailand, and an econometric analysis of the determinants of Japan's total FDI in Thailand and Japan's FDI in Thailand's manufacturing and services sectors.
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Ridwan, Deni. "An empirical analysis of market discipline imposed by stakeholders in the Indonesian banking sector." Thesis, 2017. https://vuir.vu.edu.au/34836/.
Full textAbstract:
Financial sector authorities have incorporated market discipline as an integral part of their banking regulatory frameworks. Accordingly, in Indonesia, the Basel II Capital Accord has institutionalized the market discipline as Pillar 3 to complement requirements under Pillar 1 (risk-based calculation of capital) and Pillar 2 (supervisory review process). In addition, the provision of a financial safety net (FSN) has been a key element of the policy response to recent financial crises. This provision, however, might potentially lead to moral hazard outcomes that could impair the incentives for market players to monitor and discipline financial institutions. In turn, this could incite more risky bank activities and increase the likelihood of a financial crisis. Therefore, a further investigation of the presence of market discipline and the impact of a FSN is imperative to develop a more credible policy to safeguard financial system stability, especially in developing economies such as Indonesia.
This study investigates the presence of market discipline in the Indonesian banking sector as imposed by depositors, bond holders, and equity holders. The discipline by depositors is measured through the impact of bank fundamentals on the changes in the amount of deposits. Whereas, discipline by bond and equity holders is measured through the impact of bank fundamentals on bond yield spreads and equity returns, respectively. Bank fundamentals, in this study, are associated with the Capital Asset Management Earning and Liquidity (CAMEL) financial indicators that are commonly used by banking authorities to assess bank soundness. This study employs a dynamic panel data model using a sample of 95 banks, 70 bonds, and 11 equities.
Regardless of the lack of ideal conditions for an effective market discipline in a developing market, the present study has identified the presence of market discipline imposed by depositors and bond holders, but no significant evidence of discipline by equity holders. Moreover, this study identified moral hazard implications of the provision of a FSN. These include the lessening of discipline by large and institutional depositors and the existence of the “too big to fail” (TBTF) perception among stakeholders.
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Khreish, Luay. "The Factors Contributing to Effective Relationship Management within the Banking Sector." Thesis, 2014. https://vuir.vu.edu.au/25331/.
Full textAbstract:
Four major players, touted as the Big 4, dominate the banking industry in Australia. The National Australia Bank (NAB), Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (WBC) and Australia and New Zealand Banking Group (ANZ) dominate the Australian banking industry. However, their products and services are not largely dissimilar. Therefore it is imperative that they differentiate themselves via their service propositions.
Paradoxically however, banks seem to be opting for service models that aim to reduce banker/customer face time so as to free bankers up for new business acquisition. Whilst this is an important activity that banks need to engage in, care needs to be taken not to alienate existing customers in the process.
This thesis examines the relationship between the bank, its relationship manager and the end customer, and studies the dynamics within this relationship and the main factors contributing to the success of the said relationship which is critical to business success.
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Nguyen, Nhut Hoang. "Choice of acquisition form, domestic liquidity costs for US cross-listed firms, and convergence in information environment : an investor protection perspective : a dissertation submitted in fulfilment of the requirements for the degree of Doctor of Philosophy in Finance, Department of Commerce, Massey University." 2008. http://hdl.handle.net/10179/839.
Full textAbstract:
This dissertation contains three empirical studies that examine the effect of investor protection on three different aspects of corporate governance: mergers and acquisitions, US cross-listings, and convergence of information environment around the world.1 The first study investigates the relation between investor protection and the choice of acquisition form (partial versus full acquisition). I argue that if private benefits are a motivation for mergers and acquisitions, an acquirer is more likely to bid for a controlling fraction (but not a hundred percent) of a target firm in countries with weak investor protection because in these countries private benefits of control are an important asset. The empirical results support this argument: compared to full mergers, partial acquisitions are the preferred form of acquisition when target countries do not effectively protect minority investors. Partial acquisitions are also more common among foreign acquirers from countries with poor legal systems. Finally, I show that firm-level corporate governance of the target firm is negatively related to the likelihood of partial acquisition. The second study examines the effect of investor protection on domestic liquidity for cross-listed firms. If US cross-listing can improve a firm’s information environment because of more stringent disclosure requirements in the US, I expect the information improvement to be reflected in a reduction in domestic liquidity costs. The empirical results are consistent with this prediction: local bid-ask spreads and price impact (a proxy for the cost of adverse information) significantly decrease while local trading volume significantly increases one year after US cross-listing. In addition, the liquidity improvement is larger for cross-listed firms that are from poor investor protection countries, and that are listed on the NYSE. The results in the second study are consistent with the “bonding” argument by Coffee (2002). The third study tests Coffee’s (1999) prediction of a convergence in corporate governance around the world. Since information environment is a key factor of corporate governance, it is important to see if there is a convergence in information environment across countries over the past two decades. Using various common proxies for information environment, I show that the quality of information environment generally improves through time, but the improvement is larger for developed markets and countries with better institutional quality. In the third study, I also reproduce the main results in Bailey, Karolyi and Salva (2006), and Fernandes and Ferreira (2008). These studies report similar divergence in information environment for cross-listed firms post-US-listing, but fail to control for the quality of information environment in the domestic market. After we control for this market effect, we do not find support for their results: there is no improvement in information environment for cross-listed firms, and no difference in the change between developed and emerging countries. 1 The second and third empirical studies are co-authored work with my supervisor, Professor Henk Berkman. For consistency, I use the first person ‘I’ throughout the dissertation.
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Sofocleous, Stella. "The taxation and regulatory characteristics of Offshore Banking Centres (OBC's) with special reference to United Kingdom, Singapore, Philippines, Ireland, Cyprus and Australia." Thesis, 1991. https://vuir.vu.edu.au/15696/.
Full textAbstract:
The term "offshore banking" has many meanings. The most common definition involves an institution that is situated in a country which deals with foreign currencies and with non-residents. The following characteristics may have a substantial bearing on the success of an OBC : ocation/time zone, political situation, economic stability, advanced telecommunication facilities, skilled personnel, the legal system, the secrecy of the banking system, foreign exchange relations and above all favourable taxation legislation and absence of certain government regulations. Absence of any of the above characteristics may inhibit the conduct of business by an Offshore Banking Centre. This thesis makes an assessment of these reconditions. Despite the vital importance of such an assessment, little attention has been paid to it in the recent past.
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Hoque, Mohammad Ziaul. "Industrial loan default: the case of Bangladesh." Thesis, 1999. https://vuir.vu.edu.au/15347/.
Full textAbstract:
Industrial development finance institutions (IDFIs) in developing countries have been experiencing serious financial distress since the early 1970s due to persistent loan defaults. Despite the application of a number of remedial measures, industrial loan default problems continued to haunt the IDFIs. The massive loan loss has not only impaired the viability of many financial institutions, but also made them dependent on government bail-outs. The problem of persistent industrial loan default has become a most important and serious issue that has attracted the attention of bankers, financial market operators, international lending institutions such as the World Bank and policy makers in developing countries. Bangladesh is chosen as a case study because it is an interesting example of the persistent industrial loan default problem.
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Zhao, Yi. "Does mutual fund investment style consistency affect the performance of mutual funds? : evidence from Chinese mutual funds." 2009. http://hdl.handle.net/10179/1433.
Full textAbstract:
While much of the previous research on mutual funds has concentrated on finding the relationship between the investment style, the past performance and the future performance of funds, very few of the studies have paid attention to the effect of a mutual fund manager’s execution of investment style on fund returns. Using return-based analysis methodologies for measuring the style consistency of Chinese mutual funds, this thesis demonstrates that the less style-consistent funds tend to produce higher future risk-adjusted returns than more consistent mutual funds, even after controlling for past performance and net asset value (NAV). Further, these findings are robust across mutual fund investment style classifications, test period intervals (one-year or one-quarter interval), and the model used to calculate the expected returns (four-factor model and Sharpe’s style analysis model). This thesis also documents the performance-persistency effects that exist in Chinese mutual funds, which remain persistent even under the condition of style consistency. More importantly, the research discovered that at a time of change in the Chinese stock market, the negative correlation between style consistency and future performance becomes weaker. The study concludes that style consistency does matter for mutual funds’ future risk-adjusted returns and that there is a significant negative correlation with mutual funds’ future risk-adjusted performance in the longer term (i.e., over the entire test period). Moreover, this connection is distinct from those related to the past risk-adjusted performance and NAV of mutual funds. It is also clear that a significant negative correlation between style consistency and the future risk-adjusted return does exist in Chinese stock and asset allocation mutual funds, even after adjusting for the investment style of the fund. Finally, this thesis provide a mutual funds picking strategy for investors base on the main findings of this study, which can provide significant positive alpha at each year during the test period.