Dissertations / Theses on the topic 'Bank investment'

Thesis (MBA)--Stellenbosch University, 2003.<br>ENGLISH ABSTRACT: PSG Investment Bank started out of the PSG Group in 1998. It was a successful enterprise that was rated highly by the public, institutions and employees. Through 1999, there was a struggle on executive level over the strategy that PSG Investment Bank should follow. The struggle culminated in 2000 with the resignation of the founder of PSG Investment Bank. The remaining executives put their strategy in action during 2000 and 2001. External factors made the environment difficult during late 2001 and 2002 and PSG Investment Bank was not able to respond in such a way that it could ensure its own survival. PSG Investment Bank was sold to Absa in August 2002, resulting in PSG Investment Bank's closure and delisting in 2003. This study examines the strategy of PSG Investment Bank through its life according to a model for strategic management put forward by Burger (2000). The vision of PSG Investment Bank, the external environment that influenced PSG Investment Bank and the internal environment of PSG Investment Bank are analysed as well as the strategic issues and options utilised by PSG Investment Bank. The conclusion of the study is that PSG Investment Bank faced a tough external environment that needed a strong internal environment to be able to survive. By not managing the most important internal resources, the employees, correctly, management lost the ability to ride out the storm brought about by the external circumstances and were left with few strategic options but to sell PSG Investment Bank.<br>AFRIKAANSE OPSOMMING: PSG Beleggingsbank is in 1998 uit die PSG Groep gebore. Dit was 'n hoogs suksesvolle onderneming wat deur die publiek, institusies en werknemers gerespekteer is. Deur die loop van 1999 was daar 'n stryd op topbestuursvlak oor die strategie wat PSG Beleggingsbank moes volg. Hierdie stryd het in 2000 die bedanking van die stigter van PSG Beleggingsbank tot gevolg gehad. Die oorblywende bestuurders het hulle strategie gedurende 2000 en 2001 in werking geplaas. Eksterne faktore het die omgewing moeilik gemaak gedurende laat 2001 en 2002 en PSG Beleggingsbank kon nie daarin slaag om sodanig op te treë om sy eie oorlewing te verseker nie. PSG Beleggingsbank is in Augustus 2002 aan Absa verkoop wat veroorsaak het dat PSG Beleggingsbank gedenoteer is en sy deure tydens 2003 gesluit is. Hierdie studie ondersoek die strategie van PSG Beleggingsbank deur die loop van die onderneming se lewe aan die hand van 'n model vir strategiese bestuur soos voorgestel deur Burger (2000). Die visie van PSG Beleggingsbank, die eksterne omgewing wat PSG Beleggingsbank beïnvloed het en die interne omgewing binne PSG Beleggingsbank sowel as die strategiese kwessies en keuses wat PSG Beleggingsbank uitgevoer het, word bestudeer. Die slotsom van die studie is dat PSG Beleggingsbank 'n moeilike eksterne omgewing ondervind het wat 'n sterk interne omgewing benodig het om in te oorleef. Deur nie sy belangrikste interne hulpbron, sy werknemers, reg te bestuur nie, het die bestuur die vermoë verloor om die storm wat deur eksterne faktore veroorsaak is, uit te sit en het met min strategiese opsies oorgebly anders as om PSG Beleggingsbank te verkoop.

One of the most important functional forms of bank credits is an investment. Commercial banks, mortgage banks, development banks and some other credit and financial institutions provide investment to entrepreneurs for the implementation of various innovative projects. This form of bank credits plays a crucial role in the development of a market economy.

This thesis studies the economic development in transition and emerging economies with focus on three particular economic issues: production efficiency, physical investment rate and bank lending under bank ownership perspective. The thesis chooses to study transition and emerging economies because they have undergone many important reform processes that may be thought of as experiments of different policy choices which lead to different economic outcomes. The thesis contributes to the literature in several ways. First, it adds to the literature on institutional economics and transition economies by confirming the significant role of institutional quality for efficiency and investment in a panel of transition economies. Better institutions are associated with higher efficiency levels and investment rates in transition economies. Given that investment is one of the key determinants of growth this means good institutions are important for growth in transition economies. Second, the thesis finds that banks of different ownership respond in remarkably different ways to monetary policies, which has important implication for the transmission and effectiveness of monetary policy. It also finds an asymmetric effect of monetary policy on bank lending with regard to the monetary conditions: in easy regime bank lending may not be affected my monetary tightening. This result calls for duly consideration of the ownership structure of the banking system when monetary policy and its effect on credit are studied. In summary, the thesis highlights the importance of institutional settings for economic development in transition and emerging economies.

Philosophiae Doctor - PhD<br>The aim of this study is to construct and propose continuous-time mathematical models for optimal management of bank capital, reserves and liquidity. This aim emanates from the global financial crisis of 2007 − 2009. In this regard and as a first task, our objective is to determine an optimal investment strategy for a commercial bank subject to capital requirements as prescribed by the Basel III Accord. In particular, the objective of the aforementioned problem is to maximize the expected return on the bank capital portfolio and minimize the variance of the terminal wealth. We apply classical tools from stochastic analysis to achieve the optimal strategy of a benchmark portfolio selection problem which minimizes the expected quadratic distance of the terminal risk capital reserves from a predefined benchmark. Secondly, the Basel Committee on Banking Supervision (BCBS) introduced strategies to protect banks from running out of liquidity. These measures included an increase of the minimum reserves that the bank ought to hold, in response to the global financial crisis. We propose a model to minimize risk for a bank by finding an appropriate mix of diversification, balanced against return on the portfolio. Thirdly and finally, in response to the financial crises, the Basel Committee on Banking Supervision (BCBS) designed a set of precautionary measures (known as Basel III) for liquidity imposed on banks and one of its purposes is to protect the economy from deteriorating. Recently, bank regulators wanted banks to depend on sources such as core deposits and long-term funding from small businesses and less on short-term wholesale funding.

The use of information and communication technologies significantly changes the modern business space. Today banks are actively applying approaches to customer service, based on the use of innovative information technologies. These technologies provide a competitive advantage for a bank and contribute to growing its profitability. At the same time, it is risky to invest in innovations, since new technology implementation may not bring the desired effect. Therefore, the investment attractiveness assessment of innovative banking technologies is actual for banks, and the use of assessment will avoid inefficient and risky investment decisions.

The use of information and communication technologies significantly changes the modern business space. Today banks are actively applying approaches to customer service, based on the use of innovative information technologies. These technologies provide a competitive advantage for a bank and contribute to growing its profitability. At the same time, it is risky to invest in innovations, since new technology implementation may not bring the desired effect. Therefore, the investment attractiveness assessment of innovative banking technologies is actual for banks, and the use of assessment will avoid inefficient and risky investment decisions.

This study aims to explore how banks evaluate investment decisions towards SMEs, through a real option approach. After analyzing 9 interviews with business advisors from four different banks, illustrations show that banks indeed use a real option way of thinking, without being aware of it as well as put more weight in certain factors namely the repayment ability. Moreover, the relationship factor shows an interesting relevance during investment evaluation towards SMEs, as better relationships lead to lower demands on factors of evaluation. In brief, the study contributes to the theory of real options as well as of practical essentiality to banks and SMEs.

This thesis looks at the interdependencies between corporate citizenship, social capital and tacit knowledge in the present epoch of global capitalism. External local communities and society at large are a very significant reservoir of social capital for any organisation and, in a global era of constant change, relations between organisations and these wider communities need constant replenishment and repair. The business literature gives insufficient attention to this vital connection between social and the other forms of capital that have traditionally been given regarded as the mainstay of business enterprise. Through a combination of theoretical debate and field research, this thesis asserts that tacit knowledge is embedded in social capital which is itself acknowledged as the principal source of all human and information capital within organisations. Corporate citizenship programs have a pivotal role to ensure and sustain the flow of social capital and knowledge between organisations and the communities in which they are embedded. Drawing on the prior established connection between social capital and tacit knowledge, the thesis establishes that corporate community involvement by employees has the potential to develop or enhance the propensity to trust, leading to greater effectiveness in teams. Multinational Banks are widely viewed as the agents of transnational capital. The Australian banking sector has also been under constant community pressure in Australia because of rising fees and charges and a few prominent scandals. Using secondary data, practices in one Canadian bank are compared to corresponding programs at two major Australian banks to gauge relative investment strategies in social capital generation. This thesis then proceeds to present primary research data on corporate citizenship practices in two Australian banking institutions, one an Australian multinational bank and the other a self-styled 'community' bank. Literature surveyed on corporate citizenship and community involvement has not revealed awareness by corporations of the possibilities of community involvement by employees as being sources of new knowledge, skills, creativity and innovation. This is further confirmed by the field research which showed communication as being a major hurdle internally and externally. This thesis shows that in the knowledge era where learning organizations will have a definite competitive advantage, structured employee involvement in corporate community initiatives can yield long lasting dividends and sustainable competitive advantage in terms of knowledge acquisition. This can be made possible by investment in social capital of local communities and societies through employee involvement. In turn this can aid recruitment, morale and retention of staff. However, a new approach, perhaps a new 'state of mind' needs to be cultivated in business enterprises and in the business education programs of business schools worldwide.

>Magister Scientiae - MSc<br>Commercial banks play a dominant role in facilitating the economic growth of a country by acting as an intermediary between the de cit spending unit (borrowers) and the surplus spending unit (lenders). In particular, they transform short-term deposits into medium and long-term loans. Due to their important role in the economy and the nancial system as a whole, commercial banks are subject to high regulation standards in most countries. According to an international set of capital standards known as the Basel Accords, banks are required to hold a minimum level of capital as a bu er to protect their depositors and the nancial market in an event of severe unexpected losses caused by nancial risk. Moreover, government regulators aim to maintain public con dence and trust in the banking system through the use of a deposit insurance scheme (DIS). Deposit insurance (DI) has the e ect of eliminating mass withdrawals of deposits in an event of a bank failure. However, DI comes at a cost. The insuring agent is tasked with estimating a fairly priced premium that the bank should be charged for DI.

Розглянуто чинники, які сприяють зростанню частки банківських інвестиційних кредитів у фінансуванні розвитку економіки України<br>The factors that contribute to the growth of the share of bank investment loans in financing the development of the Ukrainian economy are considered.

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{page:Section1;} --> <!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} --> <!--[endif]--></p><p>The overall purpose of the paper is to see how crediting institutions assess risks in emerging market countries. The paper describes prevalent economic and social conditions for each of the selected emerging market countries (Brazil, China, Kazakhstan, India, Russia and Ukraine) as examples of recent attractive investment locations in quest of higher returns.  Second, recognizing the importance of ratings for risk management in credit institutions, the authors show what determines country ratings made by main rating agencies by running a linear regression on several macroeconomic indicators and the country ratings. It is also explained what the most widely-used ratings mean and described the correlation between the ratings as well as between the macroeconomic indicators and the ratings. The authors also describe the characteristic approach of a Scandinavian bank towards dealing with risk factors in emerging market countries. Concluding comments: risks happen to be inbound in the bank interest rates; there is no common pattern for banks to apply to all the emerging market countries and each market should be analyzed separately. Nordic banks have a relatively safe and careful strategy concerning lending in the emerging markets.</p><p> </p>

В умовах підвищення конкурентної боротьби, все більшої актуальності набуває розробка сучасних методів та технологій стратегічного управління інвестиційною діяльністю банків, що являє собою цілісний, взаємопов’язаний структурований комплекс (систему) послідовних дій (виважених управлінських рішень) в умовах ресурсних обмежень, що спрямовані на формування та реалізацію стратегії здійснення ефективної інвестиційної діяльності банку, яка спрямована на укріплення стратегічної позиції банку на інвестиційному ринку з урахуванням зміни його кон’юнктури.

При принятии решения о предоставлении инвестиционных кредитов, решающим фактором является оценка эффективности таких кредитов.<br>When deciding on the provision of investment loans, the deciding factor is the assessment of the effectiveness of such loans.

Тези присвячено особливостям формування стратегії забезпечення ефективної інвестиційної діяльності банку в умовах невизначеності.<br>The thesis is devoted to the peculiarities of forming a strategy for ensuring effective investment activity of the bank in conditions of uncertainty.

Процес глобалізації економіки, що розпочався в ХХ столітті, визначив необхідність прискорення процесів мобілізації фінансових рес урсів, що пр и звело до істотних трансформацій у кредитно - банківських системах проми с лово розвинених країн. Основні тенденції цих трансформацій виразилися, з о крема, у посиленні концентрації й централізації кредитних інститутів, зро с танні груп банків - гігантів , що діють як трансконтинентальні утв о рення й, як наслідок – у процесах універсалізації банків.

The research set out to examine the investment & economic suitability of Renewable Energy ("RE") assets for South African institutional investors. Data was collected through a series of structured and semi structured interviews and further triangulated and cross-checked through a thorough literature review of available policy documentation and academic literature. The limitations concerning this study have much to do with the nascent nature of the renewable energy program and therefore the lack of availability of hard economic and financial historical data. Further there is very little academic literature on renewable energy investing pertaining to a South African context. To mitigate some of the risks presented by the aforementioned limitations, interviewees were mainly subject-matter experts on the issue of RE investing and therefore provided key insights through a series of structured and semi-structured interviews. Within a South Africa specific context, there is very little academic material dealing with RE or infrastructure finance and investment. The implications of this study are therefore crucial in helping set the basis for the development of future theories around this and related topics. Interview discussions and review of other material revealed key themes, which allowed the researcher to discern some key findings: Firstly, there's a cautious but emerging consensus that the economic and financial features of RE assets make them suitable (and even attractive) for consideration in asset class allocation decisions. Further and related: the merging view was that RE assets could offer the benefit of both reducing risk and increasing expected returns within a given portfolio. A key related sub-theme and finding was the need to establish a common set of nomenclature, which would describe and ultimately help benchmark the economic and financial features of RE assets – the ability to benchmark financial and economic data being a key aspect of the asset allocation framework. Secondly data collected indicated that there is strong institutional support for government's energy policy and how it has been implemented to date. Thirdly, in working out the suitability of RE assets investors tend to default to comparable proxies such as bonds, equities, REITS. The emerging theme coming out of the data is that RE assets are likely to resemble fixed income assets in their financial and economic characteristics. Lastly, for all the emerging consensus in support of the government's RE policy, many investors seem to hedge their optimism and remain generally unsure and in some instances sceptical of the overall sustainability of the program, citing the fact that there are still too many unknowns regarding RE assets and their respective futures. This research therefore has some useful practical applications for institutional investors, hopefully further demystifying a sector that could be a lynchpin of the South African economy for some time to come.

This thesis examines the effect of bank-specific variables on investment bank performance, as estimated by efficiency and financial indicators, in the G7 and Switzerland countries, over the 1997-2012 period. Moreover, we investigate the impact of expansionary monetary policies on the risk-taking of investment banks between 2007 and 2014. Firstly, we investigate the impact of risk, liquidity and fee-based income on cost efficiency prior to and during the crisis. Then, we examine the presence of possible threshold effects of bank-specific variables on performance (cost efficiency). Moreover, we investigate whether there is difference between the impact of liquidity on the performance of stand-alone investment banks and on investment banks that belong to a larger banking entity. Secondly, we assess the impact of corporate governance on the performance (profitability and profit efficiency) of the US investment banks. We focus on five different categories of governance measures: i) board structure, ii) executive compensation, iii) ownership, iv) CEO power and v) operational complexity. We put emphasis on the impact of board size and board ownership on performance by examining for threshold effects of these variables. Thirdly, we examine the impact of M&A advisory fees on bank performance, as estimated by technical inefficiency, using a methodology that includes as an undesirable output the bank-individual level of risk. Then we test the level of convergence in terms of M&A advisory fees and technical inefficiency of investment banks in the G7 and Switzerland prior to (1997-2007) during (2007-2010) and after the financial crisis (2010-2012). Fourthly, we study the effect of unconventional monetary policies (UMPs) on the risk-taking of investment banks in the US over the 2007-2014 period. We employ a number of alternative proxies that capture both directly UMPs: i) central bank's assets over gross domestic product ratio ii) monetary aggregates iii) Taylor gap; and indirectly through the usage of low-interest rates: i) federal fund rate and ii) shadow short rate. Finally, we provide conclusions together with limitations of this research and a plan for a future work.

This dissertation consists of two studies related to internal capital markets and bank relationship using Japanese corporate spin-offs. The first study analyzes the relation between internal capital markets and banks by examining 137 Japanese corporate spin-offs created between the years 2001 and 2003 (since the establishment of new spin-offs law in 2001). In a univariate analysis, we find significant positive average cumulative abnormal returns around the announcements, market-adjusted excess returns after the spin-offs, an increase of the Herfindahl index, and a reduction in the diversification discount after the spin-offs. In a cross-sectional analysis, we find that bank-related governance variables such as the keiretsu-affiliation indicator, bank loan to total asset ratio, main bank ownership, and indicator variable of the existence of a bank-appointed director on the board indicator variables are significantly positively related to cumulative average abnormal returns around the announcements, market-adjusted excess returns after the spin-offs, an increase in focus of firms in terms of the Herfindahl index, and a reduction in the diversification discount. Therefore, we conclude that there is a significant relationship between internal capital markets and banks in Japan; after the internal capital market reorganization through spin-offs the closer relationship with banks creates shareholder wealth and increases the focus of firms. This paper is now co-authored with Professor Yoon K. Choi. The second study analyzes the investment policy changes in internal capital markets and the effect of banks' monitoring on the investment changes using Japanese corporate spin-offs, including merger-facilitated spin-offs within conglomerates. We find that investment sensitivity increases significantly after internal restructuring through spin-offs, consistent with Gertner et al. (2002). Furthermore, our results show that bank-related spin-offs' investments are more sensitive to investment opportunities, Tobin's Q, after being spun off. This suggests that the efficiency of Japanese internal capital markets has increased through spin-offs after the financial deregulation in 2001. We conclude that banks seem to play significant monitoring roles in internal capital markets to increase the investment efficiency after spin-offs. This paper is now co-authored with Professor Yoon K. Choi.<br>Ph.D.<br>Department of Finance<br>Business Administration<br>Business Administration: Ph.D.

В умовах розвитку ринкових відносин, виходу вітчизняної економіки з кризи та задля забезпечення стабільності економічного зростання важливого значення набуває інвестиційна діяльність економічних суб’єктів. Остання є одним із найголовніших показників рівня розвитку економіки.

Доступ до роботи тільки на території бібліотеки ОНЕУ, для переходу натисніть на посилання нижче<br>У роботі розглядаються теоретичні аспекти економічних категорій «інвестиційна діяльність» та «інвестиційний портфель», а також методи оцінки ефективності управління інвестиційним портфелем комерційного банку. Проаналізовано діяльність комерційних банків на інвестиційному ринку України. Проведена оцінка фінансової та інвестиційної діяльності АТ «Альфа-Банк». Запропоновано заходи вдосконалення інвестиційної діяльності АТ «Альфа-Банк».<br>The paper considers the theoretical aspects of the economic categories "investment activity" and "investment portfolio", as well as methods for assessing the effectiveness of investment portfolio management of a commercial bank. The activity of commercial banks in the investment market of Ukraine is analyzed. The financial and investment activity of JSC "Alfa-Bank" is analyzed. Measures to improve the investment activities of JSC "Alfa-Bank" are proposed.

No contexto atual, os bancos de desenvolvimento multilaterais (BDM) estão entre os principais contribuintes globais para o desenvolvimento, por utilizarem mecanismos multilaterais com vista à prevenção de crises globais e para a reconstrução de infraestruturas mais sustentáveis. Devido a alterações no poder geopolítico e às próprias alterações dos seus mandatos, os BDM podem encontrar-se numa posição sensível, em relação à implementação dos seus próprios projetos. Esta dissertação de mestrado propõe-se então analisar a situação atual dos BDM, ao comparar o Banco Europeu de Investimento (BEI) e o Novo Banco de Desenvolvimento (NBD), e esclarecer se as atividades e responsabilidades das duas instituições alcançam soluções semelhantes.<br>In today's world, multilateral development banks (MDBs) are among the largest global contributors for development, by using multilateral mechanisms to prevent global crises or rebuild more sustainable infrastructures. Due to geopolitical power shifts and stretching mandates, the MDBs can be found challenged by their own mechanisms going forward. This master dissertation aims to analyse the current stance of the MDBs by comparing the European Investment Bank (EIB) and the New Development Bank (NDB), thus trying to establish whether or not their functions achieve similar results.

碩士<br>東吳大學<br>EMBA高階經營碩士在職專班<br>100<br>This study investigated a risk assessment for Taiwanese bank shares of Mainland China bank, through field visit information and discussions of mergers and acquisitions with financial market professionals. I hope by this way in-depth to explore the process of Taiwanese banks in assessing Mainland China banks, as well as the hidden risk factors inside Mainland China banks. Meanwhile, by the professional financial view from the third person erspective, we can understand Taiwanese financial institutions shares of Mainland China banks in the whole picture and cross-strait bank differences, rendering a broader, clearer, and more appropriate status of risk. This article discusses the Taiwanese bank make Mainland China bank equity participations. (1) About Mainland China Urban Banks, the city government-related business deposit and loan rates are too high. The concentrated dependence on the government business is too much. The local government debt concentration of credit risk is big. (2) The original shareholders are most for local governments and nation-owned enterprises. The main purpose of the release of shares are the introduction of strategic investors. The strategic partners are with business experience or they can increase of their market dominance. By the proportion of the release shares which is subject to PRC laws limit, by the control of the party organization or management rights by the local government, a Taiwanese bank shares low degree of the actual operating. So, the agency costs may result in an investment risk booster to a Taiwanese bank. (3) The recognition and treatment of the bad assets in Mainland China banks and whether through the financial practices of earnings management are hidden in the financial statements. So, the Taiwanese bank equity participation acquisition cost becomes higher. The conclusions and the recommendations are Taiwanese banks should continue to grow. The equity participation of Mainland China bank is a necessary option to increase Mainland China market share. For equity participations of Mainland China banks, be sure to join local financial advisors and legal counsels to assist in assessing the financial health of Mainland China banks, to avoid high prices to find a regular partner. The actual initial profit of equity participation in Mainland China banks is very small. However, the Taiwanese banks can greatly reduce the learning time and cost of implementation of the Chinese market. The cross-strait financial supervisions vary considerably. Taiwanese banks should always focus on cross-strait political trends. The potential importance of the rule is far more than the general rules of the mergers and acquisitions. The advantages of Taiwanese banks to do Mainland China bank equity participations depend on operation management thus indirectly to obtain equity bargaining power, but not to over look forward to getting the Mainland China bank control rights. Instead, Taiwanese banks should more concern about the project items which shared object can operate to obtain the concept of commercial sale in the Mainland China, rather than the foreign investment in China.

Investment banking is an important constituent of the financial market. As financial institutions, banks have an irreplaceable part in the functioning of the world's economies. Together with fiscal documents and financial markets they constitute the fundaments of the financial system. The financial market is a complicated system of interconnected relations of particular segments of the market, and investment banking is one such part. Its existence makes it possible to shift the savings of financial resources from saving subjects to ones in deficit by means of mediatory activities, which is performed with the help of various kinds of financial instruments, which are called investment instruments. The mediatory function of investment banking is a basic feature which makes a distinction between investment and commercial banking. Investment banks are main mediators that place released resources (savings) into the stock market. As is well known from the inherent laws of economy, the role of investments is crucial for a healthy circulation and functioning of the state economy. Without them the steady economic growth would be impossible. Due to these reasons I decided to analyse investment banking: its development and economic context, as well as the legal basis of these institutions and their activities...

碩士<br>國立臺灣大學<br>財務金融學研究所<br>99<br>In this study the convergence process toward market efficiency of the stocks during the financial crisis in September 2008 is our main investigation target. We aim to investigate how long it will take for investment banks stocks to achieve efficiency, especially when it comes to in the situation of market turbulence before and after Lehman Brothers Holdings, Inc filed for Chapter 11 bankruptcy protection. From our empirical finding, there exists Cross-Effect which stands for market maker hedging effectively within two different investment banks stocks, and by doing this it also exhibits strong capacity of market maker to control over two stocks’ inventory in same industry. Contrary to Cross-Effect, Autocorrelation-Effect shows better volatility control power, diminishing the price return volatility. Although we find out the relation of contemporaneous order imbalance and price return is turning to be negative with time interval getting larger in Autocorrelation-Effect which is opposite compare to previous studies, we see convergence efficiency in overall selected stocks.

碩士<br>國立中央大學<br>財務金融學系碩士在職專班<br>96<br>“As the oil price keeps staying at a high level and that of commodities continues to rise, the prices of domestic oil-related products still have an upward pressure. The inflationary risk goes up and the real interest rate remains low. Under the circumstance of solid economic growth, the monetary policy should return to a neutral position, which can stabilize the prices of commodities, facilitate the reasonable capital allocation, and stabilize the long-term finance. As a result, the board decided to raise the discount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral by 12.5 basis points respectively.” is constantly repeated in the quarterly minutes of board meeting of the Central Bank of Republic of China from March 2006 to December 2007. All of these facts cause the YTM of 10 years keeping rising, which enlarge the unrealized loss for the government bond positions in the banks. The investment opportunities for banks are quite limited, and the government bond becomes one of the best targets because of its advantages of safety, liquidity, and profit-taking. Therefore, I would like to discuss which kind of investing strategy of government bond is the best for banks. After the analysis in this dissertation, banks should have the buy-hold strategy but use the hedging one at the same time to optimize the profits and reduce the risks. The main concern for the buy-hold strategy is for the businesses related with the government bonds. Government bonds positions of banks are usually used to do the R/P business. When the YTM goes up, we cannot sell most of these government bonds because the bond market is very shallow in Taiwan. As a result, we can only use the hedging strategy to lower the losses. Overall, after considering the excess capital allocation in the banks, the government bonds’ being used as the liquid reserve requirement, and the businesses of R/P with branches clients, banks still need to have the buy-hold strategy but use the short-term positions of government bonds to do the R/P businesses. As a result, banks can achieve the goal of optimizing the profits and lowering the risks in the government bond investment.

博士<br>國立雲林科技大學<br>財務金融系<br>103<br>This paper studies whether or not investment decisions are affected by financial constraints and examines the effects of bank diversification on firm investments and financial constraints in Taiwan from 1991 to 2013. Firstly, the empirical evidence shows that the firm investment decisions are affected by financial constraints as well as a positive sensitivity of investment to cash flow. Secondly, the bank diversification significantly reduced the firms’ financial constraints on investment. This effect appears more pronounced for the financial constraint firms that exhibit low levels of sensitivity of investment to cash flow. Finally, the bank multi-diversification will have more effects on mitigating the firms’ financial constraints on investment than those of the bank single-diversification. Based on the empirical findings, the strategy of bank diversification is proposed in the bank-based financial system because of leading to easing the borrowing firms’ financial constraints.

Essay one. For banks, good governances can reduce both the abilities and incentives of insiders to expropriate bank resources and promote bank efficiency, and are supposed to have real economic effect on their customers and firms in that country. This study examines how banking sector's ownership structure is related to the firm-level investment efficiency on a sample of 88,764 firm-year observations across 36 developed and developing countries between 1995 and 2006. I find that, ceteris paribus, a country's banking sector with more cash flow rights by controlling owners improves firms' investment efficiency; whereas, a country's banking sector with larger divergence between cash flow rights and control rights by controlling owners reduces firms' investment efficiency. In addition, I find that the relation between a country's banking sector ownership structure and firms' investment efficiency is stronger for low growth firms, suggesting banks' stronger debt monitoring role on firms with free cash flow problem. Besides, banks have more influence on investment efficiency of firms, which rely on more external financing. Finally, the relation between banking sector's ownership structure and firms' investment efficiency is more pronounced in countries with stronger private monitoring for banks and better information environment of banks. On the whole, the results suggest that banking sector's ownership structure is an important instrument to govern banks' operation with regard to efficient lending and sound governances on firms' investment decision.<br>Essay two. In this study, we examine whether and how incentives in bank lending, in emerging market like China, influence firms' investment behaviors, the key determinant of firms' productivity. First, being connected with bureaucrats provides firms with a comparative non-economic advantage of access to debt in China. Our empirical results show that loans granting to political connected firms is less sensitive to those firms' profitability, which is consistent with "rent-seeking" hypothesis. Second, political connection is a violated factor in debt markets and politically connected lending is accompanied by less monitoring posted by banks. Consequently, we find that firms with political tie invest less efficiently than firms without political tie when they can access to abnormal debt through political tie. Moreover, the negative relation between politically connected lending and firms' investment efficiency is stronger for SOE firms and low growth firms. Finally, we find that region development with regard to financial development and government quality improvement reduces politically connected lending's negative impact on firms' investment efficiency. In sum, soft lending, like politically connected lending, destroy economic growth because of misallocation of scary resources among firms and also because of less incentive to monitor firms' project selection.<br>essay 1. Bank ownership structure, bank regulation, and firm investment: international evidence -- essay 2. Bank lending incentives and firm investment decisions in China.<br>Zheng, Ying.<br>Adviser: Joseph P.H. Fan.<br>Source: Dissertation Abstracts International, Volume: 70-06, Section: A, page: 2173.<br>Thesis (Ph.D.)--Chinese University of Hong Kong, 2008.<br>Includes bibliographical references (leaves 88-90).<br>Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.<br>Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.<br>Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.<br>Abstracts in English and Chinese.<br>School code: 1307.

碩士<br>國立臺灣大學<br>商學研究所<br>89<br>This study discusses the reasons for and against banks'' extending securities power, especially underwriting activities. We discuss several reasons alleged by proponents of extending bank powers and explore the empirical literatures that examine the real effect of above reasons. The empirical results show that most of the alleged effects in extending bank powers are not significant. In addition, we discuss the conflicts between commercial banking and investment banking and explore the empirical literatures that examine the conflicts of interest effect in banks'' underwriting activities. This study focuses on the certification effect and conflicts of interest effect in Taiwan''s banks’ underwriting activities. We conduct t-test and OLS regression to examine the certification effect and conflicts of interest effect in bank underwritings comparing to securities firm underwritngs. We find that the certification effect of commercial banks in underwritings is not significant by using t-test. The results of multiple regression show that more underwriters could lead to reduction in returns. There is no significant evidence of the differences in yields between bank underwritings and securities firm underwritings.

碩士<br>國立臺灣大學<br>財務金融學研究所<br>98<br>Market efficiency has attracted much interest for years, and with a view toward better understanding of how stock prices move and the process of market efficiency, previous literatures have documented extensively the relation between trading activities and stock returns. In this paper, we use order imbalances as the proxy for trading activities. The main purpose of this study is to investigate the convergence process toward efficiency of international investment banks across the stock market, particularly during the financial crisis in September 2008. First, we perform two multi-regression models in order to examine the relation between stock returns and imbalances. One model, which uses only lagged order imbalances as the explanatory variables, shows that the impacts of lagged imbalances are positive across different stocks. The other model, which includes one contemporaneous order imbalances in addition to four lagged imbalances, shows that no reversal of lagged imbalance coefficients are present in our empirical results. The results are inconsistent with prior literatures, which may indicate rather different behavior of investors during the crisis. We also perform a GARCH(1,1) model in consideration of the potential weakness of OLS multi-regression model, and find that the positive relation between returns and imbalances still exists but is significantly smaller. The convergence process toward efficiency is observable in both OLS regression and GARCH(1,1) model, and the apparent discrepancy in percentage of positive coefficients implies a large part of the explaining power in OLS regression is from volatility during financial crisis. Then, we apply the GARCH(1,1) model to examine the relation between volatility and order imbalances. Small but negative relation between imbalances and volatility is found, and may be attributed to the declining market. We also find the impact of imbalances on volatility almost fades away within 15 minutes, which suggests that market makers have good ability to control inventory across stocks. Finally, we try to construct a trading strategy based on imbalances. Unfortunately, the returns are generally small and cannot beat the market during the crisis.

The purpose of this study was to determine what the motivational drives are for employees working in an investment bank and whether money plays a roll in motivating employees working for an investment bank. The target group for this study was all the employees who have been in the employment of the target organisation for one year and longer. This group was divided into subgroups of specialist transactors and specialist support personnel. The profile of these two subgroups included a variety of ages, gender, races and educational backgrounds. Data was collected using a questionnaire that was discussed with each employee who agreed to participate in the study. The study clearly illustrates that money can be the primary drive for motivation to certain employees within an investment bank. When one ranks what makes the two subgroups work, it is quite clear that the ability to earn a bonus and the ability to earn more money is highest on the list of specialist transactors, whereas the specialist support personnel enjoys the culture of the bank and has to get job satisfaction to make them work. These results reflect the motivational drives of the sample group at the time of this research. The study concludes that one of the primary motivational aspects for the subgroup of employees which was subject to the empirical study is that these employees are motivated by the mere fact that they can earn more money and a bigger bonus as well as obtaining job satisfaction and having the ability to make their own decisions. The study discussed Maslow’s and McClellands need theories as well as various other motivational theories and approaches employers can introduce to motivate employees. Maslow’s and McClelland’s need theories were directly related to the empirical study with the view whether these two motivational theories can be applied successfully within an investment bank. Based on the results of the empirical study, the researcher came to the conclusion that both these theories can be equally successfully applied to employees working in the target organisation.<br>Dr. K. Stanz

How do equity issuing firms and underwriters get together? We develop a theoretical model founded on the idea that issuers and underwriters associate by mutual choice. Underwriters look to the quality of the issuers who may wish to employ their services and issuers look to the abilities of the underwriters they consider employing. Our approach contrasts to the conventional view of one-sided choice established in the existing literature Our model suggests that a rematch will occur for subsequent offerings should changes in firm quality and/or underwriter reputation warrant it. Our empirical finding that firms experiencing a relative reduction in quality from IPO to SEO switch to lower reputation underwriters at the SEO stage provides especially convincing support for this notion We derive new implications about underwriter market share, showing that (a) high reputation underwriters benefit from a more stable revenue stream and (b) that while their market share increases when overall market activity is reduced, this would be accompanied by a relative decrease in the quality of the issues they underwrite In our model, pricing of underwriter services is left to bargaining between the parties after the match between issuers and underwriters is determined. While flat percentage IPO fees are a possible outcome with double-sided matching, high-reputation underwriters make higher dollar revenues by underwriting larger offerings. This is also true for subsequent offerings since high reputation underwriters associate with firms that undertake larger and more frequent security offerings subsequent to their IPO We also find that underwriter reputation is negatively related to the probability to withdraw an offering during the registration period and that on average in adverse market conditions underwriter reputation has a higher negative impact on the probability to withdraw than it has in more favorable market conditions By examining gross spreads over time we find a significant clustering of percentage gross spreads on round numbers. The evidence suggests that while fixed costs of issuing equity have not changed over time, variable costs have increased. At the same time, percentage spreads have become less sensitive to the relative size and the risk characteristics of the issue<br>acase@tulane.edu

碩士<br>國立臺北大學<br>企業管理學系碩士在職專班<br>93<br>The industrial bank of Taiwan (IBT) functions similar to the investment bank overseas, covering mortgage lending, securities investment, direct investment, underwriting securities and financial consulting and so on. In recent years, the government worked on consolidating the financial industry as the world market trend towards large financial institutions. In November 2001, “Financial Holding Company Law” was released, it is established to encourage merger and acquisition in financial industry, therefore large financial institutions were formed. The most significance is for these institutions to join two business areas, banking and securities, two conflict areas to work together and generate more efficient profit for the whole institution. This research investigates the challenge faced by industrial banks. As more and more financial institutions are formed and securities brokers transforms to become one of the investment banks, industrial banks are required to utilize its core competitiveness to compete and also create new advantage to be able to sustain its position or market share in the financial market for long term. It also studies how industrial banks face new challenges and adjust its strategy to compete, and the directions of its future growth. Based on the core competitiveness of each studied bank, this research is investigating its competition advantages on creativity, sustaining, strategy-making and future growth plan. As listed below: 1. Creativity of competition advantage (1)Develop differentiation (2)Establish brand image 2. Sustaining of competition advantage (1) Enlarge the gap from other competitors A. Develop and enhance the professionalism and creativity of the employee B. Simplify standard of procedure, Improve the efficiency reacting to customers’ request (2) Block other competitors from entering or imitate the business A. Keep valuable employee by providing excellent working environment (3) Keep looking for new product A. Utilize experts to develop new financial product 3. Actions taken on competition (1) Study domestic market pricing trend and product line competition (2) Enter overseas market by investment or strategy integration 4. Future growth (1) Become integrated financial institution by merging and acquisition (2) Extend existing business to become a true investment bank

碩士<br>國立中正大學<br>會計學研究所<br>93<br>There are plentiful studies discussing the relationship between information technology (IT) investment and firms’ performance. As the well-known representative of IT investment, the banking industry is a highly information sensitive industry and needs to invest heavily in IT to improve its operating efficiency and customer satisfaction. Therefore, this paper aims to examine the relationship between automatic teller machine (ATM) investment, standing for the well-known IT application in banking industry, and cost efficiency of banks. However, previous literatures related to ATM usually use dummy variables representing the introduction of ATM to measure the operating efficiency. This sort of measurement can only provide limited description to explain the feedback of ATM on bank cost efficiency. Thus, in order to improve the inadequacy of past studies, we collect the actual number of ATMs, operating data, and extract financial data of banks from their annual reports in this research. The empirical results confirm our hypothesis that the intensity of ATM has positive effect on cost efficiency of banks. In addition, we found that bank scale is also positively related to cost efficiency, while non-performing loans and salary level have negative impact. We believe that these results can provide important implications for banks, ATM firms, and researchers to better understand the relationship between innovative IT investment and firms cost efficiency.

碩士<br>國立中央大學<br>財務金融學系碩士在職專班<br>92<br>Investment-linked insurance policy is a financial product providing insurance and investment. This innovative product includes functions of a life-insurance policy, securities investment and asset management. Emerging problems in Taiwan banking industry, such as fierce competition, tiny trading spread, earnings and profitability down, aggressive penetration of local market share by foreign banks, create opportunities for wealth management. Hence, more and more local banks focus on their own wealth management sectors. The growing wealth management sector brings banks handsome fee-income and no risk. The 2003 sales account for ten folds that of 2002. The buying spree on sales in the product greatly profits local banks. The sale of insurance policy through banking service channels attributes its success to the following reasons: 1.Long-term strategic alliance between banks and insurance companies create win-win situation. 2.Smooth operation flows through insurance companies to banks. 3.Broad access to banks’client database to find target customers. 4.Increase fee-income and reduce interest expense. 5.Investment-linked insurance policy guarantees principal and interests, which earns more than term-deposits. 6.Emphasizing the importance of risk management by disclosing policy’s risk.

碩士<br>國立東華大學<br>企業管理學系<br>94<br>The major purpose of this research is to construct corporate governance index of Taiwan investment bank industry. I use Three-Stage Least Squares (3SLS) to analyze whether investment bank implement sound corporate governance can enhance operating performance or not. Research report indicates that investment bank implement sound corporate governance can improve their profitability effectively. Particularly corporate governance can enhance operating performance of three major departments (agency, declare, underwriter). Board composition and responsibility, information transparency and supervise power are positive relationship with performance. Besides, when interest conflict of investment bank is lower, it means possibility of investment bank to sacrifice investor’s right for their interest will be lower. . Respect investor’s interest can increase Return of Investment Capital (ROIC). This research result can provide management to make decision and resource allocation appropriately. But currently Taiwan investment bank’s implementation of corporate governance are not sufficient, we suggest government to provide related system and guide them physical method . Furthermore, government supposes to build system of reward and punishment for investment bank, so they will probably emphasis corporate governance initially.

碩士<br>國立暨南國際大學<br>國際企業學系<br>102<br>This paper analysis how bank competition affect the relationship between monetary policy and investment in China, Philippine, Singapore, South Korea and Thailand. The main findings from the pooled model are threefold. First, a change in the user cost of capital, which in turn affect by interest rates, has both statistically and economically significant negative effect on investment. However, the result varies in each country. Second, bank competition affects investment significantly. Third, the firm-specific interest rates are affected by changes in market interest rates, which are related to monetary policy. Overall, expect Thailand, the effects of the user cost on investment suggest that the interest rate channel of monetary policy is operative in these Asian countries. Changes in the level of interest rates have an impact on firm’s investment through the user cost of capital.

碩士<br>國立臺灣大學<br>臺大-復旦EMBA境外專班<br>103<br>With the deepening of China’s financial reform, various types of capital operation between commercial banks have become more and more frequent. In order to effectively implement these activities, accurate assessment of the value of commercial banks has become a primary problem. Taking Ping An Bank as the research object, this paper carries out a detailed study on its investment value. Specifically: First of all, This paper conducts an all-round analysis on China’s financial and economic environment, the banking industry, as well as the current situation of Ping An Bank, and holds that the external environment confronting Ping An Bank is full of both challenges and opportunities; meanwhile Ping An Bank has formed its own core competitiveness; in view of the relatively obvious advantages boasted by Ping An bank itself, it will have adequate capability to exert its advantages to create value by to seizing the opportunity, while alter the inferior position and avoid risk, and achieve greater development in six major business areas such as retail business, capital business, investment banking, small business financial services, and comprehensive financial business. Secondly, based on the third quarterly report for 2014 announced by Ping An Bank, this paper carries out a detailed study on the from the financial condition of Ping An Bank from the perspective of assets status and profitability, accompanied by comparison with the other 15 listed banks. The comparative analysis reveals that the supervision index of Ping An Bank are in line with the state supervision requirements, and Ping An Bank is a commercial banks with relatively optimized assets and liabilities structure, stable asset quality, strong profitability, and scientific risk control ability, exhibiting relatively fast growth. Under the guidance of forward-looking and scientific corporate strategy, Ping An Bank boasts rather huge development potential. Thirdly, this paper adopts the income approach and market approach respectively to assess the value of Ping An bank. According to the income approach, the value of Ping An Bank stands at 19.20 Yuan per share; while according to the market approach, the value of Ping An Bank stands between 11.61 Yuan to 13.38 Yuan per share. On March 9, 2015, the closing price of the share of Ping An Bank is 14.15 Yuan indicating that its share price is within reasonable scope of investment. Finally, based on the above findings, this paper evaluates the investment risks facing Ping An Bank from the perspective of macro economic risk, the risk of monetary policy, the risks confronting the banking industry, as well as the risks interfering the development of Ping An Bank, thus providing reference and recommendations for potential investors.

碩士<br>臺灣大學<br>財務金融學研究所<br>98<br>In this thesis, I examine the connections of stock market, banking and corporate investment. Santos(2009) investigates the subprime crisis of 2008. He finds that firms borrowed from bank pay higher interest after the crisis happened. In addition, the increase is higher for those firms that have borrowed from banks which incurred much more losses in the crisis. Ihis implies that bank will change their loan policy accroding to the financial condition, including capital adequate ratio, of bank. However, won&apos;&apos;t bank&apos;&apos;s loan policy affect the prices of securities market? Thakor(1996) finds that bank&apos;&apos;s decision to grant loan will cause a positive abnormal return of borrower&apos;&apos;s stock price. Also, this abnormal return will be larger if the bank&apos;&apos;s capital constrainted is severer. This implies that bank&apos;&apos;s loan decision and capital adequate ratio will affect the prices of securities market. However, won&apos;&apos;t the prices change of securities market affect the bank&apos;&apos;s loan decision? In this thesis, I connect the stock market, banking and corporate investment by government&apos;&apos;s capital requirement on bank. Investigating the connections of these three areas is my main contribution. The key of this thesis, capital adequate ratio, makes bank have to consider three factors when bank makes loan decision. The first one is the return and risk of the loan case. The second one is risk of bank&apos;&apos;s existing asset portfolio. Third is the possibility of passing capital reqiurement and the incurred government&apos;&apos;s penality if bank fail to pass. Therefore, bank will recieve the information about the risk of bank&apos;&apos;s existing asset portfolio from securities market. Then bank will make its loan decision accroding to the information. However, this decision may be distorted. (1)Over Conservation (2)Risk Taking When the prices in securities market change, it will make the prices of two firm to be correlative through bank&apos;&apos;s capital adequate ratio even if their cash flows are independent in equilibrium. (1)positive correlative (2)negative correlative The reason for positive correlative is that bank&apos;&apos;s loan decision will not be distorted after the prices of securities market rise, but will be distorted after the prices fall. On the contrary, the reason for negative correlative is that bank&apos;&apos;s loan decision will be distorted after the prices of securities market rise, but will not be distorted after the prices fall. The overconservative loan decision of bank will not always lead to positive correlation among stock prices in the securities market, it might also lead to the negative correlation in the securities market. Similarly, taking too much risk while making loan decision will also lead to the same effect as the overconservative loan decision. To sum up, when bank has concern about passing capital requirement, bank will change its loan decision, and this will cause the contagion effect in the securities market. In the previous, there are many literatures about distorting bank&apos;&apos;s loan decision by capital requirement and contagion effect in securities market. But, there is no literature about contagion effect in securities market through bank&apos;&apos;s capital requirement. This effect not only reduce the diversified-benefit of investor&apos;&apos;s portfolio in secondery market but also affect the operation of corporates and real outputs in the world.