Dissertations / Theses: 'Economics ; Finance and Banking'

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Paravisini, Daniel. "Essays on banking and corporate finance." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/32400.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2005.
Includes bibliographical references.
The first essay provides evidence that banks are liquidity constrained and hold private information about borrowers that hinders substitution of financing sources. Using loan level data from a public credit bureau and exploiting an exogenous shock to bank liquidity, I show that adverse selection prevents full arbitrage of profitable opportunities by competing lenders and thus liquidity constraints propagate to bank-dependent borrowers. The second essay evaluates a government program that targeted credit to small firms through existing financial intermediaries. Using the program eligibility rule to identify the effect on target firms, I find that target firms' total bank debt increased by 8 cents for every dollar of program financing provided to the banks. This effect is larger when the intermediary bank is more likely to lend to smaller firms according to observable bank characteristics. The third essay evaluates empirically the effect of credit history disclosure on the financial position of a sample of manufacturing firms in Argentina. Results indicate that credit history disclosure has a negative impact in the ability of firms to raise external finance when firms are exposed to a high liquidity risk.
by Daniel Paravisini.
Ph.D.

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Almazán, Andrés. "Essays in banking theory and corporate finance." Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/10673.

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Gormley, Todd A. "Essays on banking and corporate finance in developing countries." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/34505.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2006.
Includes bibliographical references.
This dissertation consists of three essays that examine banking and corporate finance in developing countries. Specifically, it explores the theoretical and empirical implications of open capital markets, foreign bank entry, and the role of bond markets during banking crises. Chapter 1 analyzes the impact of opening capital markets using a theoretical model that incorporates both foreign and domestic lenders in the presence of asymmetric information. The model suggests that when foreign lenders are limited in their ability to obtain information about entrepreneurs, they may engage in cream-skimming by only targeting the largest, most profitable firms. This cream-skimming can induce a reallocation of credit that may either increase or decrease overall net output of the open economy. The consequences of this credit reallocation depend on the type of financial opening and the quality of domestic institutions. Chapter 2 examines the entry of foreign banks as a specific case of opening capital markets. I estimate the impact of entry using variation in the location of foreign banks established in India following a policy change in 1994. The estimates indicate that the 10 percent most profitable firms received larger bank loans, but that on average, firms were 7.6 percentage points less likely to have a loan after entry.
(cont.) The decline in loans was uncorrelated with firms' profitability and driven by a decrease among group-affiliated firms. The reallocation is consistent with the presence of asymmetric information, and similar estimates are obtained using the location of pre-existing foreign firms as an instrument for the location choice of new banks. Chapter 3, co-authored with Simon Johnson and Changyong Rhee, uses a quasi-natural experiment in Korea after the 1997-98 financial crises to assess bond markets in emerging economies. Evidence confirms that bond markets can develop quickly during a banking crisis and act as a 'spare tire' even when almost all previous private finance flowed through the banking system. However, access to bonds was feasible only for the largest firms, and there is no evidence that bond finance was better directed than bank finance. Firms with weaker pre-crisis corporate governance were no less likely to obtain bond financing.
by Todd A. Gormley.
Ph.D.

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Coulter, Brian R. L. "Essays on banking." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:0466afbe-4cc2-4a47-bc69-6f08ced67233.

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This work consists of five separate essays that examine the banking industry from a number of viewpoints. In the first essay, I consider how the ratchet effect interacts with workers' ability to cooperate to determine effort provision in teams. I show how the dominant constraint varies with both the size of the team and the members' ability to monitor each other's effort. Small teams tend to have their effort provision constrained by the ratchet effect; large teams are instead constrained by the inability of the team members to demand effort from each other. In the second essay, I examine the phenomenon of large team transfers in professional service firms, especially investment banks. I argue that large team moves occur because employees benefit by working with the most talented coworkers. Above-average teams may move together to effectively exclude younger, less-talented workers. These team transfers are optimal when employees are remunerated with team-based bonuses, which may explain their significance in investment banking. In the third essay, I consider the securitization market. First, I provide an explanation for equilibrium credit ratings inflation that does not require investor irrationality. Second, I argue that moral hazard in securitization results in banks either selling the entirety of securitized products, or none at all. Finally, I consider a number of possible government interventions in the market and conclude that many proposed interventions are either ineffectual or counterproductive. In the fourth essay, we design an improved LIBOR reporting mechanism. This mechanism, which we name the "whistleblower mechanism," uses the revealed preference of other banks to determine the borrowing rate of a given bank. Truthful reporting is the sole equilibrium of the mechanism that we design; the mechanism is budget-balanced. In the fifth essay, we consider the analogy between systemic risk and pollution. We argue that an ex post tax cannot replicate capital regulation because of a 'polluter cannot pay' problem. Secondly, we show an equivalency result between ex ante taxation and capital regulation. We then show that unless the ex ante tax is levied in capital, however, it may perversely increase the amount of debt in the financial system. We argue for further capital regulation.

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Lou, Xinchen Sofia. "Viability of traditional banking services: evidence from the regional level U.S. banking industry." Oberlin College Honors Theses / OhioLINK, 1996. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1342198972.

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Gebregiorgis, Bekele Sinkie. "Essays in the international economics of credit and banking." Thesis, McGill University, 2008. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=115643.

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This dissertation is entitled "Essays in the International Economics of Credit and Banking". It comprises three essays. The first essay develops an empirical model of international credit with moral hazard and the risk of repudiation to examine (i) the determinants of the intertemporal and cross-national variations in credit ceilings and (ii) the channels through which output attracts foreign credit. It reports that productivity is the most important variable in attracting credit, followed by education, and then physical capital. Furthermore, international trade, country financial risk ratings, and geography explain more than 60% of the cross-national variations in credit ceiling. Therefore, international relations and investment in education and productivity-enhancing institutions are crucial in attracting foreign credit.
The second essay develops open-economy variants of the old Friedman-Schwartz and the new Lucas-Sargent-Wallace monetarist models to investigate the puzzle of monetary neutrality. The essay further introduces financial aggregation theories into the models. It studies the theoretical and business-cycle relationships between real output and financial aggregates, interest rates, exchange rate, and prices using Canadian quarterly data for the period 1959: 1 to 2002: 1. It reports that the open-economy variants of the monetarist models with aggregation-theoretic financial aggregates perform the best in producing significant sign patterns that are predicted by theory. Furthermore, Monte Carlo experiments show that large percentage of real output variance is explained by shocks to aggregation-theoretic financial aggregates relative to other variables. Thus, there is no difference between the effects of anticipated and unanticipated monetary shocks.
The third essay examines the appropriate formulation of the monetary aggregate for the Nigerian economy for the period 1970:1-2000:4 for the determination of real output. This examination covers simple sum, variable elasticity of substitution (ves), and divisia (dv) aggregation over currency, demand deposits, and savings deposits. The user cost of liquid assets is employed in the construction of both the dv and the yes aggregates. Using maximum likelihood estimation technique, the essay reports that, for the Nigerian economy, currency does as well as or better than any narrow- or broad-money measure in explaining industrial production. Further, the simple sum m1 and m2 outperformed both the yes and dv aggregates. Therefore, monetary policy in Nigeria should focus on the supply of currency and/or of narrow money, rather than on broad money or the divisia aggregates.

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Sidthidet, Taweewan. "Competition and mergers under liquidity and credit risks in the banking industry." Thesis, McGill University, 2011. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=104562.

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The objective of this dissertation is to shed light on the decision-making behavior of banks under liquidity and credit risks as well as the impact of market structure (competition and mergers) on such behavior. The analysis of this dissertation differs from the previous studies in that we explicitly analyze the effects of liquidity and credit risks on banks' decisions and profits. The analysis of this dissertation can be separated into two main parts. The first part focuses on the effect of liquidity risk on banks' decisions and profits (Chapters 2 and 3 ) while the second part concentrates on the effects of credit risk and bank regulations (Chapter 4 ).The main objective of Chapter 2 is to investigate how the uncertainty in terms of early withdrawals from depositors (which creates liquidity shortage) affects banks' behavior. We examine a model of horizontal mergers within the banking industry based on an inventory-theoretic approach. In our model, banks compete by offering differentiated loan products and face uncertainty in terms of liquidity shortage. Their goal is to optimally allocate the amount of deposits collected into loans and reserves so as to maximize their expected profits. We analyze how the equilibrium loan rate and reserve holdings of each bank are affected by the risk of early deposit withdrawals. An interesting result is obtained when the liquidity risk is relatively large: the equilibrium reserve holdings can then actually decrease in the risk of early withdrawals. A merger increases the loan rate charged to the customers and profits of all banks. The risk of early withdrawals is also a key factor in determining the profitability of mergers. Lastly, mergers, in general, decrease total reserves, thereby potentially increasing liquidity shortages in the banking system.In Chapter 3 , the analysis still focuses on the impact of liquidity risk. However, the aim of this chapter is to examine the stability of bank mergers by using the definition of stable cartel proposed by d'Aspremont et al. (1983). We find that as long as the number of banks in the market is more than three, a no-merger scenario is never externally stable. Also, we consider the stability of the grand merger where all the banks merge. The result shows that the less differentiated the loans are, the more likely it is that the grand merger is stable. For the impact of the risk of early withdrawals, we show that a high degree of liquidity risk might weaken the stability of a grand merger, i.e., a merger of all banks in the industry, irrespective of the degree of loan differentiation.In Chapter 4, we examine the effects of market structure and bank regulations (capital adequacy requirements and deposit insurance premium schemes) on bank decisions in presence of risk of loan repayment (credit risk). Then, we analyze how mergers affect the equilibrium decisions and profits of banks. It is shown that when a risk-based insurance premium is used, the equilibrium loan rates and probability of bank failures increase but profits decrease in the risk of loan repayment. On the other hand, when flat rate insurance premium is used, banks have incentives to take more risk because their profits increase in the credit risk. Moreover, a higher capital adequacy ratio decreases the probability of bankruptcy due to credit risk. Regarding the effects of merger, our analysis shows that mergers are not necessarily beneficial for merged banks. Indeed, it might result in lower profits and higher risk of bank failures for merged banks compared to their pre-merger scenario. On the other hand, non-merged banks benefit from a merger by earning higher profits and lower risk of bank failures compared to the pre-merger scenario.
L'objectif de cette thèse est d'analyser le comportement des banques assujetties aux risques de manque de liquidités et de crédit lors d'une prise de décision, et de déterminer l'impact de la structure du marché (compétition et fusions) sur ce comportement. L'approche de cette thèse se distingue de celles d'autres études en ce que nous analysons de façon explicite les effets de liquidités et les risque qu'ils comportent pour les décisions et les profits des banques. Cette thèse se divise en deux parties. La première se concentre sur les effets de risques de liquidités sur les décisions et les profits des banques (voir Chapitres 2 et 3), tandis que la deuxième se concentre sur les effets du risque de crédit et de la réglementation des banques.L'objectif principal du Chapitre 2 est de montrer jusqu'à quel point l'incertitude concernant des retraits précipités par les déposants peut influencer le comportement des banques. Nous examinons un modèle composé de fusions horizontales dans le contexte du secteur bancaire basé sur la théorie des inventaires. Les banques se font concurrence en offrant des prix différenciés et font face à un risque de manque de liquidités. Leur but est d'allouer de façon optimale leurs dépôts entre prêts et réserves afin de maximiser leurs profits anticipés. Nous étudions comment le taux d'intérêt des prêts octroyés et les réserves de chaque banque à l'équilibre sont influencés par le risque de retraits de dépôts précipités. On obtient un résultat intéressant lorsque le risque de liquidité est relativement élevé: les réserves peuvent diminuer lorsque le risque de retraits précipités augmente. Lors d'une fusion, le taux d'intérêt payé par les clients et les profits générés par chaque banque augmentent. Le risque de retraits précipités est aussi un facteur clé qui détermine la profitabilité des fusions. Finalement, les fusions ont tendance à diminuer les réserves totales, ce qui pourrait augmenter les manques de liquidités dans le système bancaire.L'analyse dans le chapitre 3 se concentre sur l'impact du risque de liquidité. L'objectif de ce chapitre est d'investiguer la stabilité des fusions bancaires au biais de la définition d'un cartel stable tel que défini par d'Aspremont et al. (1983). Nos résultats montrent qu'à condition d'avoir plus de trois banques, un scénario sans fusion n'est jamais stable car la fusion entre deux banques est toujours profitable. De plus, nous prenons en considération la stabilité d'une grande fusion où chaque banque participe à la fusion. Nos résultats indiquent que moins les prêts sont différenciés, plus il est probable que la grande fusion soit stable. Nous montrons qu'un degré élevé de risque de liquidité diminue la stabilité d'une grande fusion c'est-à-dire une fusion entre toutes les banques.Dans le quatrième chapitre, nous étudions les effets de la structure du marché et des règlementations des banques sur les décisions prises par les banques en présence du risque de crédit. Nous démontrons que lorsqu'une prime d'assurance basée sur le risque est utilisée, les taux d'intérêt à l'équilibre et les probabilités de faillites bancaires augmentent mais que les profits diminuent avec le risque de crédit. Par contre, lorsqu'il y a une prime d'assurance à taux fixe, cela incite les banques à prendre plus de risques étant donné que leurs profits augmentent avec le risque de crédit. Cependant, un ratio d'adéquation de fonds propres plus élevé diminue la probabilité de faillite. Concernant les effets de fusions, notre analyse démontre que celles-ci ne sont pas nécessairement avantageuses pour les banques déjà fusionnées. En effet, elles peuvent engendrer une baisse de profits et accroître le risque de faillite bancaire pour les banques fusionnées comparativement au scénario pré-fusion. D'autre part, les banques non fusionnées bénéficient d'une fusion en voyant leurs profits augmenter et courent un risque de faillite moins élevé en comparaison avec le scénario pré-fusion.

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Kolar, Marek. "Three empirical essays in financial economics and international finance." Diss., Connect to online resource - MSU authorized users, 2008.

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Pamer, Karen. "A global study of hawala targeting regulations." Thesis, Utica College, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10153553.

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This research focused on hawala regulations in multiple jurisdictions, strategies of international bodies to mitigate illicit transfers, and implementation of a standardized approach to monitor money remittances. Transfer mechanisms used to remit funds internationally appeal to individuals, organized crime groups, terrorist financiers, and money launderers. Literature reviewed consisted of government studies, financial body reports, media articles, and peer-reviewed journals. Evaluation of different methodologies and the Financial Action Task Force’s supervisory controls was completed. It was determined that economic pressure may impact financial networks and encourage compliance if regional government bodies have the necessary authority to enforce regulations. Research revealed recommendations for education programs to aid jurisdictions in setting up financial intelligence units, developing statutes tailored to their economies, and enforcement of supervisory controls. This report further suggested accountability amongst jurisdictions to reduce the ability of criminals and terrorist financiers to move their financial activities to areas with lax enforcement and corrupt governments that do not enforce regulatory recommendations. It also encouraged tracking financial activity and implementing licensing requirements to mitigate de-risking of high-risk customers with the provision of education to customers and third-parties through formal financial institutions. Reduction of unlicensed money remittances and mitigation of illicit funding benefiting organized crime and terrorism is the ultimate goal.

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Canta, Terreros Michel. "Macroeconomics effects of banking regulation in emerging markets: the role of countercyclical bank capital requirements." Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=106269.

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This thesis analyzes, in an emerging market context, the effects of financial frictions and bank prudential regulation on the business cycle. It also proposes a prudential rule that smoothes the external finance premium, and at the same time, improves the effectiveness of the monetary policy. I hypothesize that the macroeconomic effects of bank capital requirements are procyclical and lead to the amplification of monetary shocks, therefore reducing their effectiveness for fighting inflation. These effects increase the financial system vulnerability in recessions, and could be stronger in emerging markets under dollarization or credit market imperfection. By using a Dynamic Stochastic General Equilibrium Model (DSGE), with banks and prudential regulation, I show that there is a need to implement a prudential rule with countercyclical effects, which should complement the monetary rule, and allow for the smoothing of the effects of monetary shocks in the business cycle. This rule supports the Basel Committee for Banking Supervision's efforts to strengthen the capital accord after the subprime financial crisis, which is already under revision by regulators all over the world. The estimated results also show the existence of financial frictions and rigidities that do not allow for a complete pass-through of the monetary policy to interest rate. As well, prudential capital requirements have an amplifier effect in the business cycle, even deeper under the Basel II accord. As the current prudential regulation could increase banking system vulnerability in a recession, a countercyclical capital requirement could help to reduce these effects and to keep the strength and solvency of the financial system.
Ce document analyse, dans le contexte d'une économie émergente, les effets des rigidités financières et réglementations prudentiels de capital bancaire sur les fluctuations économiques. En plus, il propose une règle prudentielle qui permettra assouplir ces effets dans le coût du financement externe des sociétés et en même temps qu'améliorera le déménagement de la politique monétaire. Il est aussi proposé l'hypothèse que les effets macroéconomiques des réglementations bancaires ont tendance à être pro cycliques et à amplifier les shocks monétaires tout en affectant le mécanisme de transmission et l'effectivité de la politique monétaire dans le but de contrôler l'inflation. Ces effets, tendent à incrémenter la vulnérabilité du système financier pendant les récessions et deviennent plus grandes à l'économie émergente, avec la dollarisation ou la concurrence imparfaite dans le marché des crédits. A travers de l'usage des Modèles Dynamiques d'Equilibre Général (DSGE) avec des banques et régulation prudentielle, c'est établi la nécessité de l'existence conjointe d'une règle monétaire, d'une règle prudentielle de capital bancaire qu'agisse de manière contra cyclique, permettra assouplir les effets des shocks dans les cycles économiques. Cette règle fondement aux politiques qui propose le Comité de Basel pour la Surveillance Bancaire a partie des modifications à l'accord de capital qui sont en train d'être discutés au niveau international après la crise financière sub-prime. Les résultats des simulations numériques montrent que l'existence des frictions financières et rigidités donnent lieu non pas seulement à un déménagement incomplet de la politique monétaire dans les taux d'intérêt, mais aussi un effet amplificateur de la réglementation prudentielle bancaire Basel II. En même, il se trouve que la politique prudentielle actuelle a une tendance à augmenter la vulnérabilité du system financier pendant la phase de récession, raison pour laquelle une politique de capital bancaire contra cyclique tende à assouplir ces effets et à contribuer à la stabilité et solvabilité des systèmes financiers.

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Connolly, Michael Fethes. "Essays in Empirical Finance and Macroeconomics:." Thesis, Boston College, 2019. http://hdl.handle.net/2345/bc-ir:108476.

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Thesis advisor: Fabio Schiantarelli
In the wake of the financial crisis of 2007-2009, academics and policymakers have worked to empirically quantify macro-financial linkages. This dissertation contributes to this debate by covering two broad themes. First, substantial changes in bank regulation and supervision typically follow financial crises. Quantifying the impact of these new policies is of paramount importance to academics and policymakers. To this end, my research in this area sheds light on the ways in which changes in financial stability policy ultimately affect the economy. Bank stress testing has become a major tool of supervisory policy in the past decade. The first chapter, The Real Effects of Stress Testing, uses the introduction of annual stress testing of large U.S. banks in 2009 as a quasi-experiment to examine whether bank supervisory policies affect real economic activity. While stress-tested banks reduced their risk exposure to large corporate loans, foreign banks mostly offset this shock and enabled firms to continue borrowing after the test. However, speculative grade firms that were highly exposed to stress-tested banks borrowed on worse terms after the test, and subsequently reduced fixed investment and employment. In contrast, highly exposed investment grade firms received new loans and expanded intangible investment. This paper provides insights into the effects of stress testing on the reallocation of risks in the financial system and the consequences for real economic activity. The structure of the U.S. mortgage market has experienced dramatic changes in recent years, as Fannie Mae and Freddie Mac (the major government-sponsored enterprises or GSEs) faced substantial reforms to their business practices. An important feature of regulatory reform included changing the pricing of loan guarantees on mortgage-backed securities insured by the GSEs, in particular removing the subsidy paid by small lenders to large lenders in 2012. The second chapter of this dissertation, Lender Cross-Subsidization and Credit Supply in the Fannie Mae MBS Market (co-authored with Igor Karagodsky), shows that the removal of this subsidy resulted in a relative increase in mortgage lending by small lenders. However, states with relatively higher concentrations of large lenders experienced relative reductions in credit following the removal of these subsidies. This research underscores an important link between lender market power and credit supply. Understanding the drivers of the fluctuations in bond returns is a central question in finance. Theoretically, unexpected bond returns should reflect either changes in expectations of future short-term rates or future compensation for risk. The third chapter of this dissertation, Survey Forecasts and Bond Return Decompositions, revisits this question using survey forecasts of professional economists to measure expectations of interest rates and returns, rather than with a statistical model. Two main results emerged from this analysis: (1) News about future short-term interest rates explains relatively more of the variation in unexpected excess bond returns for short-maturity bonds relative to long-maturity bonds. (2) The share of news explained by future short-term interest rates increases with horizon for all maturities. This analysis contributes to the recent academic literature that highlights the importance of subjective expectations in understanding asset-price movements
Thesis (PhD) — Boston College, 2019
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics

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Linklater, Scott W. "Trusted Advisors in Agricultural Finance| An Exploration of Proficiencies that Lead to Trust-Based Relationships." Thesis, Gonzaga University, 2019. http://pqdtopen.proquest.com/#viewpdf?dispub=13808872.

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Since the Federal Farm Loan Act of 1916, a cooperative system of lending associations has helped provide stable financing to agricultural operators throughout the United States and played a crucial role in maintaining a stable food supply. At the heart of this system are relationships between agricultural operators and lenders who function as their trusted advisors. This study explores the proficiencies of trusted advisors at one of these associations: Northwest Farm Credit Services. With an interdisciplinary view of trust, 25 qualitative interviews were conducted with existing trusted advisors, as well as group interviews with 38 customers, to understand the factors which help create and maintain trust-based relationships. From my findings, trusted advisorness is defined and a framework describing trusted advisorness in seven embodied elements is proposed. This framework describes how a trusted advisor walks and cares, for what a trusted advisor looks and listens, how a trusted advisor thinks, and what a trusted advisor says and does.

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Hughes, Matthieu. "The peculiarities of universal banking : politics, economics and social struggle in the making of German finance." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/65083/.

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This dissertation contributes to the global political economy of finance by examining the historical evolution of the German financial system. The origins of Germany's nonmarket financial structure are consistently identified as path-dependent influences of its system of “patient” rather than “speculative” financial capitalism. This thesis revisits the historical evolution and crystallization of German corporate banks on universal, as opposed to specialized, financial practices. In stark contrast to the existing literature that relies on efficiency-based explanations, it emphasizes the political nature of bankers' financial practices, and the role of social power in shaping financial structure. Examining universal banking in this way stands its significance upside down by showing its roots in speculative practices and the politics of industrialization rather than patient finance and efficient calculation. The thesis consists of three parts: Part I delineates the intellectual riddle posed by the received scholarship: “despite obvious connections,” between economics and politics, orthodox political economists have been mystified by the role of power in universal banking's development. It therefore outlines an historical sociology of financial development to reassemble this puzzle. Part II charts the developmental path of German banks from the 18th to mid 19th century. This section first stresses how early universal banking—“mixed-banking”—was an unintended product of the speculative practices of Rhenish financiers engaged in a political struggle over industrialization. It further demonstrates that the adoption of “mixed-banking” practices by corporate banks must similarly be understood in terms of power rather than as a solution to market failure. Part III charts the historical narrative to 1914 highlighting how the early speculative character of “mixed-banking” engendered a transformation into the concrete form of universal banking following social struggles around the introduction of deposit banking. The thesis underscores the general importance of examining economic institutions from the perspective of power.

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Almeida, Mafalda Oliveira Martins Bastos de. "The Lotka-Volterra equations in finance and economics." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14240.

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Mestrado em Mathematical Finance
As equações de Lotka-Volterra, também conhecidas por equações de predador-presa, são um conjunto de equações diferencias não-lineares construídas para descrever a relação dinâmica entre espécies na natureza. No entanto, desde a sua publicação vários autores têm vindo a provar que estes sistemas dinâmicos têm diversas aplicações fora da área da biologia. Este trabalho tem como objetivo aprofundar as possíveis aplicações destas equações ao sistema bancário e à economia. Considerando o sistema bancário, estudamos três possíveis sistemas dinâmicos que podem descrever a relação entre o volume de depósitos e empréstimos num banco. Também apontamos as semelhanças entre um sistema bancário de três níveis e uma cadeia alimentar e estudamos a sua estabilidade. Olhando para as aplicações à economia, começamos por estudar o famoso modelo de Goodwin para ciclos de desemprego e crescimento dos ordenados. Para terminar, apresentamos um par de equações predador-presa que descrevem a relação entre bens capitais e bens de consumo, e concluímos que os ciclos económicos são endógenos, auto-sustentáveis e não-lineares.
The Lotka-Volterra equations, frequently referred to as predator-prey equations, are a set of non-linear differential equations constructed to describe the interaction dynamics between different species in nature. Yet, since their publication many authors have proved that the applications of these equations go way beyond mathematical biology. The present work focuses on their application to the banking system and to economics. Regarding the banking system, we study three dynamical systems that may describe the relationship between deposit and loan growth in a bank's balance sheet. In addition, we look at the resemblance between a three level ecological food chain and a three level banking system, and study its stability. As for the applications to economics, we study the famous Goodwin's model for the cyclic behavior of wages and employment. To finish our work we present a pair of predator-prey equations that model the dynamical relationship between consumption and capital goods, finding that economic cycles are endogenous, self-sustained and non-linear.
Mestrado em Mathematical Finance
info:eu-repo/semantics/publishedVersion

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Ray, Chaudhuri Ranajoy. "Three Essays on Financial Intermediation and Growth." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1338394730.

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Villafani-Ibarnegaray, Marcelo. "Pooling versus separating regulation the performance of banks and microfinance in Bolivia under systemic shocks /." Columbus, Ohio : Ohio State University, 2008. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1213439744.

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Li, Xin. "Chief Executive Officers' Compensation and Firms' Performance in the U.S. Banking Industry." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/4649.

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The growth rate of chief executive officers' (CEOs) compensation has dramatically outpaced average employees' pay increases. Scholars have not been able to reach a consensus on whether the financial performance of firms has a positive influence on CEOs' compensation. Also, boards of directors lack a clear understanding of the relationship between financial performance of firms and CEOs' incentive compensation in the U.S. banking industry. The purpose of this correlational study was to examine the predictive relationship between financial performance of firms (measured by return on equity [ROE] and annual revenue) and CEOs' total compensation in the U.S. banking industry. According to agency theory, which was the theoretical framework for this study, failing to understand such a relationship could cause a misalignment between CEOs' compensation and the performance of firms. Hence, the research question was, does a predictive relationship exist between ROE, annual revenues of firms, and CEOs' total compensation? Archival data from publicly traded U.S. banking firms were collected and analyzed. Multiple regression techniques were used to identify a statistically significant predictive model, F (2, 121) = 95.691, p < .000, R2 = .613. Changes in annual revenue were found to be significantly more sensitive than changes of ROE relative to the impact on changes in CEOs' total compensation. This study may contribute to positive social change by raising individuals' awareness of the importance of maintaining CEOs' equitable compensation. Additionally, compensation committees of banking firms can use the findings from this study to evaluate their compensation strategies and make necessary adjustments.

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Zuren, Michael D. "The subprime mortgage crisis| A phenomenological approach to understanding the loan officer's experience." Thesis, Capella University, 2013. http://pqdtopen.proquest.com/#viewpdf?dispub=3561516.

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Research has shown the recent worldwide economic crises that began in 2007 was partially initiated from lending practices widely utilized in the subprime mortgage industry. The purpose of this study was to gain a greater understanding of the loan officers' perspective on how subprime lending practices contributed to increased foreclosures, the devaluation of housing prices, and the impact of the recent governmental regulations on mortgage lending. Qualitative phenomenology was utilized in this study to explore lived-experiences and meaning loan officers have giving to the rise and fall of the subprime mortgage phenomenon. The participants in this study were contacted via e-mail through data obtain from the National Mortgage Licensing System (NMLS) website. Twenty-two in-person open-ended interviews were conducted with actively licensed loan officers who had been in the mortgage industry for a minimum of 10 years. The results of this phenomenological study inquiry identified several variables that appear to shape loan officers' attitudes and beliefs on the future of the mortgage industry. Eight main influential themes were identified by the participants which included: (1) The Dodd-Frank Act, (2) decreased income, (3) increased qualification standards, (4) decreased loan programs, (5) increased confusion and consumer frustration, (6) increased paperwork, (7) decreased competition, and (8) fear of future restrictive legislation. The findings of this study demonstrate the significance and long-term impact of subprime lending practices on the future of the mortgage industry.

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Maksimenko, Tatiana. "Lending relationships and liquidity insurance value of bank credit lines| Evidence from loan spreads." Thesis, City University of New York, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=3601933.

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Bank lending processes and lending relationships involve two aspects, the provision of liquidity via lines of credit and the production of information via monitoring. To access the existing credit line, a borrower must be in compliance with financial covenants. When violations occur, access becomes conditional upon the bank’s willingness to accommodate the customer. The bank values its reputation as an accommodating lender and views a decision regarding credit line access restrictions as a trade-off between reputational and financial capital. Since imposing restrictions on a more loyal borrower causes greater reputational damage, a bank’s “willingness” to accommodate increases in the strength of the relationship with its borrower. This is the first channel through which relationships have effect. To the extent that lending also involves monitoring, relationships allow a bank to build an exploitable information advantage. This is the second channel. Most credit lines are monitored, making it difficult to isolate the effects of these two channels. I identify commercial paper backup lines of credit as loans that provide liquidity, but do not involve information production and use them to construct two measures of relationship strength that capture the extent of bank’s willingness to provide liquidity (T-intensity ) and the bank’s information advantage (I-intensity ). To make sharper inferences concerning the effect of willingness, I control for a bank’s reliance on core deposits as a measure of “ability” to provide liquidity. I find that loan spreads decrease in T-intensity for firms without public equity. Thus, for such firms, credit lines have liquidity insurance value and it increases with relationship strength. I also find that loan spreads increase in I-intensity for all firms, suggesting that banks are successful at exploiting their information advantage (i.e. “holding up” borrowers). My findings imply that for relatively opaque borrowers, relationships have value even in the absence of private information production.

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Ruscher, Charles B. "Essays on the effects of bank mergers." Diss., The University of Arizona, 1999. http://hdl.handle.net/10150/288951.

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Chapter one presents evidence that a strong lending relationship exists between borrower firms and their commercial bank lenders that is altered by bank mergers. Negative abnormal stock returns experienced by firms borrowing from banks are investigated to ascertain the explanatory power of the relationship lending hypothesis. Negative returns are found to be attributable to the change in the lending relationship brought about by bank mergers. In addition, we find evidence of a delayed capital-market response by borrower firm stockholders to bank merger events. We conclude that borrower firms incur significant economic costs in response to changes in their banking relationships resulting from bank mergers. Chapter two tests the hypothesis of managerialism, defined as top executives seeking to maximize their own wealth in terms of compensation and perquisites rather than maximization of the banking firm's value. This chapter presents evidence contrary to the managerialism hypothesis. It appears the 1991 FDICIA law has effectively mitigated managerialism in the ranks of top bank executives. However, the evidence also suggests that executives in upper-middle management of merged banks have not been constrained by FDICIA. These upper middle-level executives consistently receive higher compensation than their non-merged peers.

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Bunyan, Sabrina. "A microeconomic investigation into the themes of social participation, social exclusion and collective action affecting individuals, households, state and society : evidence from a modern British city." Thesis, University of Portsmouth, 2015. https://researchportal.port.ac.uk/portal/en/theses/a-microeconomic-investigation-into-the-themes-of-social-participation-social-exclusion-and-collective-action-affecting-individuals-households-state-and-society(cef68bec-cd19-4d36-9df1-ee662b87d3e0).html.

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The UK Government encourages citizens to help themselves through policy initiatives such as the ‘Big Society’. This study provides an empirical snapshot of different aspects of modern society that contributes to existing literature on social participation, social exclusion and collective action. This study uses novel interview survey data from a representative sample of 1,005 households in the UK coastal city of Portsmouth. Particular aspects of society that this study investigates includes; understanding the determinants of social engagement; through citizen’s willingness to volunteer and the intensity of their voluntary efforts. In this study, willingness to volunteer includes giving unpaid help to groups, clubs or organisations, or voluntarily participating in local decision-making groups, for example, a group making decisions on crime in the city. To contrast civic engagement, this study addresses issues of social exclusion with a focus on digital exclusion and financial exclusion. In this study, digital exclusion refers to those individuals who do not use the internet either at home, work, place of study or elsewhere. Indicators of household financial exclusion include credit refusal or the use of ‘doorstep lenders’ while indicators of financial self-exclusion include the absence of a savings account or home contents insurance. Additionally, this study examines the determinants of citizens’ concerns and perceptions of helplessness in face of the societal threat posed by climate change and flooding in Portsmouth, a city at risk of inundation from rising sea levels and the city has recent experience of flooding. A simple local and global public good framework is used to organise the understanding of reported attitudes and their determinants. As such, this high resolution data from one UK city provides an indication of the nature of society in modern Britain. Multivariate statistical analysis is used in identifying the attributes of individuals who are willing or actively involved in society, who are concerned or express perceptions of helplessness in the face of environmental threats, and also draws on the attributes of those who experience exclusion from society for whatever reason. The City of Portsmouth context provides a unique backdrop to understanding each of these issues. The main findings from the study shows that some of the most vulnerable people in society are less likely to choose to participate in local community activities, but rather they are more likely to experience social exclusion. Indeed, even within the confines of a densely populated city such as Portsmouth, locality matters, even after controlling for a range of socio-economic and demographic variables.

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Al, Suwaidi Hamed. "Stated preferences for future management developments in the hospitality sector : a case study of Abu Dhabi, UAE." Thesis, University of Portsmouth, 2014. https://researchportal.port.ac.uk/portal/en/theses/stated-preferences-for-future-management-developments-in-the-hospitality-sector(db91cfd9-3f6e-49f8-9794-4e8b5c1ddf60).html.

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Abu-Dhabi (AD) is the largest of the seven Emirates that comprise the United Arab Emirates. Abu-Dhabi, the capital of the UAE with 1,493,000 inhabitants, accounts for 86.7% of the total surface area of the state. The emirate of Abu-Dhabi, through its Policy Agenda 2007-2008, the strategic Plan 2008-2012 and the Plan Vision Abu-Dhabi 2030 has recently re-branded itself and has made a series of assertive moves in order to boost the tourism and hospitality sectors as a means to a more diversified economy. The proposed study aims to examine the scope of accommodating alternative forms of hotel developments in the Abu Dhabi Emirate. Ultimately, the goal of the study is to evaluate consumers' decision making process with respect to the emirate's effort to tap into new markets by investing in various types of accommodation establishments. A major part of my research has concentrated in the use of stated preference discrete choice modelling (SPDCM) in the area of hospitality management. This is because understanding the basic drivers of tourists' choice patterns in terms of their vacation accommodation is at the heart of consumer behaviour in the hospitality sector (Mattila 2004). In practice, the empirical investigation has revealed that price, aversion to risk and quality matters are probably the 3 most significant factors driving individual preference patterns for the hospitality sector currently. When evaluating respondents' stated preferences for future or hypothetical managerial initiatives in the hospitality sector, the analysis identified particularly strong preferences towards more integrated and holistic types of advertisement and communication. At the same time, it appears that respondents value quite significantly their privacy and security of their personal space. This piece of finding from the elicitation of their stated preferences is a way confirms earlier findings regarding aversion to hotel security risk from the analysis of respondents' revealed preferences. The analysis of respondents' stated preferences also identified very strong and positive preferences towards superior 5* hotel developments in AD. This point alone could suggest a number of things. First, this piece of evidence, similar to the case presented above, confirms respondents revealed preferences from the descriptive analysis as far as the significance of quality matters on travellers' choice patterns. Second, it rather indicates that respondents have already developed an image of top – class destination (or probably a luxury type of destination) for the Emirate as a whole. In turn, this could imply that policy makers at a destination level, as opposed to a resort or a hotel level should make sure that the Abu Dhabi Emirate does not lose this comparative advantage. Compared to neighbouring Dubai that has not been promoted as a luxury but affordable destination but where one visits mainly for shopping destination, Abu Dhabi is perceived as the luxury destination alternative that offers a 'once – in – the – lifetime' experience. Finally, further analysis also focuses on the examination of visiting friends and relatives (VFR) travellers in Abu Dhabi Emirate, as a separate case of tourism demand at the destination. The empirical results indicate that VFR travellers to Abu Dhabi illustrate considerable heterogeneity as far as their duration of stay, their gender, their age structure, their educational attainment and the income classification. The empirical results suggest that policy makers and planners should take advantage of the current scale of values (culture and religion) as well as economic reasons in order to attract more VFR visitors at the destination. This is mainly due to the large European and Asian communities currently established in Abu Dhabi.

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Chatziantoniou, Ioannis. "Essays on macroeconometric modelling : housing and financial markets in the light of inflation targeting monetary policy : evidence from the United Kingdom." Thesis, University of Portsmouth, 2013. https://researchportal.port.ac.uk/portal/en/theses/essays-on-macroeconometric-modelling(56288b70-6135-4ad6-9ebe-6a13602bd747).html.

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The aim of this study is to present four essays related to the macroeconometric modelling of specific relations within the economy of the United Kingdom for the period 1992-2012. The focal point of these essays is the link between inflation targeting monetary policy decision making and housing or financial prices. In particular, we investigate whether traditional channels of monetary policy are still in effect under the adopted monetary policy regime. At the same time, findings associated with the specific relation between both asset markets or with the various working assumptions which facilitate our investigation are also reported. The specific econometric methods employed include the development of structural vector autoregressive (SVAR), Markov regime-switching, as well as, multivariate generalised autoregressive conditionally heteroskedastic (MGARCH) models. The formulation of these models is predicated upon the selection of appropriate approximations for all financial and macroeconomic indicators of interest. The main findings of the first essay suggest that under the inflation targeting monetary policy regime, innovations in the monetary policy instrument have no direct effect on the stock market as previously suggested by traditional channels of monetary policy. The said innovations though, appear to have a significant negative impact on the housing market. Furthermore, variation in the stock market can be explained by innovations in the housing market. Turning to the second essay, prominent among our results is the fact that innovations in fiscal policy have a significantly negative effect on the stock market (direct impact). In addition, the effects of monetary policy on the stock market also become negative (indirect impact). According to the third essay when both the stock and the housing market are in a highly volatile regime, then contractionary monetary policy pushes both markets to remain at that regime. Finally, the main outcome from the fourth essay is that the time-varying correlation between monetary policy and housing or financial prices becomes stronger during turbulent times. Overall, our findings suggest that within an inflation targeting monetary policy regime the effects of monetary policy decisions on the stock market strongly depend on the broader economic conditions. By contrast, traditional monetary policy channels with respect to the housing market appear to be in effect; however, broader economic conditions have a key role to play in this case as well.

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Cox, Adam John. "An economic analysis of spectator demand, club performance, and revenue sharing in English Premier League football." Thesis, University of Portsmouth, 2016. https://researchportal.port.ac.uk/portal/en/theses/an-economic-analysis-of-spectator-demand-club-performance-and-revenue-sharing-in-english-premier-league-football(be4c9045-e4cb-4d75-96b7-2ebe80c160b8).html.

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Since its creation in 1992, the Premier League has sold exclusive media rights for live football matches to broadcasters on behalf of member clubs. The collective selling method removes any price competition between the clubs, whom would otherwise compete against each other to sell rights to their matches (commonly seen in other European Leagues). A key issue with monopoly power is that the Premier League could distort the market for its product or abuse its dominant position in the market as the sole seller of the rights (contrary to Article 101 and 102 of the Treaty of the European Union). In defence, the Premier League argued that matches broadcast live on television can be considered as a substitute for watching at the stadium. A Competition Commission investigation concluded that the potential benefits of collective selling arrangements are for the redistribution of revenue to promote solidarity at all levels of football. After some amendments to the auction process, collective selling continues. Contributing to the applied industrial economics literature, this thesis examines the key arguments for using collective selling methods in the Premier League. Results from empirical economic analysis find firstly, that there is no evidence to suggest a negative impact on match day revenue from live broadcasting and the revenues from rights sales heavily outweigh such an impact. Secondly, that sharing revenue between clubs will only enhance solidarity (competitive balance) if the amount shared is much larger than at present, however, a greater uncertainty of match outcome reduces demand for spectating at the stadium whilst increasing demand for television viewing. Finally, the impact of investment in talent is far greater for weaker teams whilst participating in the Champions League and Europa League has no impact on domestic league performance. This thesis concludes that the Premier League should offer a greater number of rights to broadcast matches and should increase the amount of revenue shared (including revenues from European Competitions) in order to increase competitive balance. This would increase the number of television viewers for live football broadcasts but would likely reduce the numbers of fans spectating at the stadium.

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Ackah, Ishmael. "Essays on energy consumption and oil resource management in oil producing African countries." Thesis, University of Portsmouth, 2015. https://researchportal.port.ac.uk/portal/en/theses/essays-on-energy-consumption-and-oil-resource-management-in-oil-producing-african-countries(5703d6fa-58c2-40fc-a130-c67da933bf04).html.

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In September 2011, the UN General Secretary declared his vision of making modern energy accessible to all by 2030. Unfortunately, less than 50% of the population of Sub-Saharan Africa have access to modern forms of energy. This implies that Africa requires sustained investment in the energy sector. In order to provide investment guide and policy recommendations, this thesis seeks to investigate the determinants of renewable energy, energy efficiency practices and natural gas demand in oil producing African countries. The choice of these types of fuel is dictated by the fact that, renewable energy, energy efficiency and natural gas have been considered the solution to the hydra-headed problems of energy security, energy access and climate change in Africa. The thesis contributes to the energy economics literature in four main ways. First, the thesis applies spatial analysis to the issue of ‗oil curse‘ which has often been associated with oil producing African countries since investments in energy will require finance which can be provided by proceeds from oil resources. Second, the effect of natural resource depletion and energy-related carbon emissions on renewable energy consumption is examined. Third, the natural gas consumption behavior of oil producing African countries is examined. Finally, the Product Generational Dematerialisation (PGD) is applied to the energy efficiency of fossil fuels and electricity consumption in Ghana. The thesis finds among other things that both economic and technical factors affect the demand for natural gas and renewable energy. Further, the results reveal that the consumption of both fossil fuel and renewables have not been efficient. Finally, the thesis confirms the oil curse hypothesis. However, how conducive the investment climate in a particular country has positive bearings on neighbouring countries. Whilst the study seeks to recommend for more investment into energy supply and demand, attention should be given to three factors: availability, the environment and finance. Whereas, renewable energy sources, natural gas and efficiency abound in Africa and are environmentally friendly, finance may be a major hindrance to investments. Therefore, the sixth chapter of this thesis, examines how oil resources are managed so that it can help fund investments in energy. The chapters are therefore linked by the need for oil producing African countries to harness the finances to invest in available and clean sources of energy. The thesis recommends that oil producing Africa should open their economies for international trade, invest in commercial sources of renewable energy, build strong accountability institutions, channel oil revenues into productive sectors and educate the public on energy efficiency not just electricity efficiency.

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Sio, Ut Sim. "Economies of scale and scope in Macau's banking sector." Thesis, University of Macau, 2010. http://umaclib3.umac.mo/record=b2147730.

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Black, Lamont K. "Essays on small business lending." [Bloomington, Ind.] : Indiana University, 2007. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3264326.

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Thesis (Ph.D.)--Indiana University, Dept. of Economics and Dept. of Finance, 2007.
Source: Dissertation Abstracts International, Volume: 68-05, Section: A, page: 2094. Advisers: Eric L. Leeper; Gregory F. Udell. "Title from dissertation home page (viewed Jan. 24, 2008)."

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Nejadmalayeri, Ali. "On the effect of the term structure of interest rates on corporate capital structure: Theory and evidence." Diss., The University of Arizona, 2001. http://hdl.handle.net/10150/279809.

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This manuscript studies the impact of the term structure of interest rates on corporate optimal capital structure. First, I develop a dynamic model of capital structure in the presence of stochastic cash flows and stochastic interest rates. Using one-factor and two-factor Cox, Ingersoll, and Ross (1985b) interest rates dynamic, as well as a one-factor Feller cash flow process, the article solves for the value of the firm's contingent claims. After deriving closed-form solutions for the values of debt, tax benefits, bankruptcy costs and recapitalization costs, the paper numerically solves for the optimal total capital structure: leverage, debt service, maturity, call provisions and priority. I find that as the instantaneous rate rises, so does the leverage, maturity and periodic debt service. I also find that an increase in the level of long-term rate leads to a decrease in leverage, maturity and periodic debt service. In an attempt to understand the effect of macroeconomic conditions on corporate financing decisions, this manuscript then empirically investigates the effect of the term structure of interest rates--defined by a three-factor model which includes the Treasury bill yield, the Treasury bond yield, and the volatility of the yield curve--on the debt-equity choice. Having controlled for well-known microeconomic determinants of financing decisions, I document that as the Treasury bill yield rises, the incidence of debt financing increases. However, as the Treasury bond yield or the volatility of the yield curve rise, the incidence of debt financing drops. I find that the information content of the term structure of interest rates regarding aggregate corporate profitability (i.e. aggregate default risk) accounts for the stylized facts. I also find that tax shield distortions induced by changes of interest rates marginally affect the debt-equity choice. Additionally, inflation, corporate credit spreads, mortgage rates, and personal tax rates materially are shown to affect the firm's financing decisions materially.

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Julio, Ivan F. "Three Essays in Financial Economics." ScholarWorks@UNO, 2013. http://scholarworks.uno.edu/td/1716.

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陳凱詩. "Determinants of banking profitability in Macau." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1636210.

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Al-Saidi, Mejbel. "Corporate governance and firm performance : the case of Kuwait." Thesis, University of Portsmouth, 2010. https://researchportal.port.ac.uk/portal/en/theses/corporate-governance-and-firm-performance(edc02a8c-9e52-4aca-a138-469b6b9b4cec).html.

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Scholars have argued that well-governed firms achieve better firm performance. This study addresses the question of whether a relationship exists between corporate governance mechanisms and the performance of non-financial firms listed on the Kuwait Stock Exchange (KSE). The study combines quantitative (OLS panel regression analysis) and qualitative (interviews) methods. Such triangulation will improve the understanding of the underlying process. The quantitative data produced mixed results. According to the OLS regressions, some governance mechanisms (e.g., non-executive directors, family members on boards, and dividends) positively relate to firm performance value while debt and ownership concentration (based on ROA only) negatively relate to firm performance. However, when the governance mechanisms are treated endogenously using 2SLS regression, based on both measures (Tobin's Q and ROA), several corporate governance principles, such as board size and role duality, have no relationship with firm performance whereas dividends and family directors positively impact firm performance. However, the ownership concentration, proportion of non-executive directors, and debt produced mixed results. The Hausman test provides evidence that the governance mechanisms are endogenous. In addition, if any causal relationship does exist, it would be from the governance mechanism structure to firm performance. The main findings of the qualitative data are similar. A significant change has emerged in Kuwaiti trends related to corporate governance, yet the current corporate governance principles in Kuwait are perceived as irrelevant. Ownership structure provides minority shareholders with weak rights. Meanwhile, family members on boards and role duality produce mixed views. However, other board variables such as the proportion of non-executive directors and board size are not effective. Finally, high dividends mean high firm performance while high debt leads to financial risks and problems with limited roles for Kuwaiti banks in monitoring.

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Terrell, Ronald G. "Islamic banking financing terrorism or meeting economic demand?" Thesis, Monterey, Calif. : Naval Postgraduate School, 2007. http://bosun.nps.edu/uhtbin/hyperion-image.exe/07Dec%5FTerrell.pdf.

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Thesis (M.A. in National Security Affairs)--Naval Postgraduate School, December 2007.
Thesis Advisor(s): Looney, Robert. "December 2007." Description based on title screen as viewed on January 18, 2008. Includes bibliographical references (p. 77-80). Also available in print.

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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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Leong, Cheok In. "How information technology impact on Macau banking." Thesis, University of Macau, 1998. http://umaclib3.umac.mo/record=b1636241.

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Ng, San U. "The profit : structure relationship in Macau banking." Thesis, University of Macau, 2007. http://umaclib3.umac.mo/record=b1637044.

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Yang, Andy. "Credit risk measurement in China's banking sector." Thesis, University of Macau, 2007. http://umaclib3.umac.mo/record=b1950319.

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Lei, Ngai Lam. "The role of banking industry in the economic development of Macao." Thesis, University of Macau, 2004. http://umaclib3.umac.mo/record=b1636239.

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Bobroff, Katherine. "Do Bank Bailouts Work? The Effect of Reconstruction Finance Corporation Aid During the Crisis of 1933." Scholarship @ Claremont, 2009. http://scholarship.claremont.edu/scripps_theses/11.

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Do bank bailouts work? Government aid initiatives implemented to stem the current crisis raise important questions about the role of monetary policy in preventing bank failures. The scale of this bailout program defies comparison with any other aid package implemented in the post-World War II period. Fortunately, the operations of the Reconstruction Finance Corporation (RFC) during the Great Depression provide a historical experiment to examine the effects of government rescue programs on financial institutions. This paper examines the effects of the RFC's loan and preferred stock programs on bank failure rates during the crisis of 1933. Using a new database on Michigan banks, I employ survival analysis to examine the effectiveness of the RFC's loan program and preferred stock purchases on bank failure rates. My analysis suggests that the loan program increased the failure rates of banks during the crisis by increasing the indebtedness of financial institutions. Conversely, I find that the RFC's purchases of preferred stock increased the chances that a bank survived the financial crisis. Injections of capital helped repair the balance sheets of banks and restored confidence in the financial system. Ultimately, this historical experiment provides some insight into how government aid programs might curtail banking crises.

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Ismaili, Idrissi Khalid. "Finance islamique : pour une sortie du champ bancaire?" Thesis, Perpignan, 2020. http://www.theses.fr/2020PERP0033.

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Les banques islamiques ont vu le jour pour se constituer comme une alternative aux banques conventionnelles. Elles sont soumises aux préceptes de la Charia qui réglemente les aspects fondamentaux de leurs opérations. Les principes de la Charia s’articulent autour de la prohibition de l’intérêt, des opérations spéculatives, du partage des pertes et des profits, et prônent plus généralement plus d’équité, de morale dans l’économie ce qui donnerait aux banques islamiques une mission toute différente de celles conventionnelles. Toutefois, la réalité de la pratique de la finance islamique semble être en décalage par rapport aux principes et objectifs qu’elle prône au point de s’interroger sur la véritable raison d’être des banques islamiques et sur l’effectivité du discours moral qu’elles défendent. Cette thèse cherche à analyser à la fois le fondement théorique de la finance islamique ainsi que les distorsions de sa pratique par les banques islamiques et ce pour mieux comprendre ce décalage, analyser ses véritables causes et conclure sur le degré de réalisme de la théorie de la finance islamique dans son ensemble
Islamic banks have emerged to form an alternative to conventional banks. They are subject to the precepts of Sharia which regulates the fundamental aspects of their operations. The principles of Sharia are articulated around the prohibition of interest and the speculative operations, the sharing of the risks and profits, and more generally advocate for equity and moral in the economy which gives the Islamic banks a mission quite different from the conventional peers. However, the reality of the practice of Islamic finance seems to be not synchronized with the principles and objectives it advocates to the point of questioning the real raison d'être of Islamic banks and the effectiveness of the moral it defends. This thesis seeks to analyze both the theoretical basis of Islamic finance as well as the distortions of the practice by Islamic banks to better understand this discrepancy, analyze its true causes and conclude on the degree of realism of the theory of Islamic finance in general

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Román, Lisa. "Institutions in transition : a study of Vietnamese banking." Doctoral thesis, Handelshögskolan i Stockholm, Internationell Ekonomi och Geografi (IEG), 1995. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-880.

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The ongoing transformation of centrally planned societies into market economies poses many difficult questions regarding large scale institutional reform. How far to go, how fast, and in which order? Until now, the debate has been mainly theoretical. As the reforms progress, however, we need to compare the theoretical predictions with the empirical evidence. Financial intermediation is one sector in which the gap between socialism and capitalism is particular large, and the development of commercial banking has often proved to be a bottleneck in the reform process. Empirical examination of financial reform is therefore urgent. This dissertation explores the development of the Vietnamese state banks during the early 1990s. It highlights the lengthy process of altering the formal model and informal rules governing the bank organizations. The official socialist ideology is the source of many problems. First, it means that state ownership remains, enabling the government to intervene easily in the banks’ operations. The ideology’s informal role is arguably even more important, because it leaves unclear how bankers should act when profit maximization conflicts with social responsibility. Uncertainty will prevail as long as bankers and banking authorities have only partially converted to a new set of norms. Accordingly, the formal financial sector will fail to florish.

Diss. Stockholm : Handelshögsk.

A revised version of this dissertation has been published as: Román, Lisa, Institutions in Transition – Vietnamese State Bank Reform, Kluwer Academic Publishers, Boston 1999.

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He, Dong. "The stock market and industrial finance in economic development : the case of Hong Kong." Thesis, University of Cambridge, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.295093.

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Shirota, Ricardo. "Efficiency in Financial Intermediation: A Study of The Chilean Banking Industry /." The Ohio State University, 1996. http://catalog.hathitrust.org/api/volumes/oclc/38193785.html.

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Saka, O. "Essays on sovereign risk and banking." Thesis, City, University of London, 2017. http://openaccess.city.ac.uk/18339/.

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This thesis consists of three essays on sovereign risk and banking. In the first essay, we examine the determinants of sovereign risk in the Eurozone focusing on the recent crisis episode and search for a self-fulfilling contagion link by using an exogenous ECB policy announcement for identification. our principal components analysis reveals that the perceived commonality in default risk among peripheral and core Eurozone countries increased after the announcement. An event study detects significant pre-announcement news transmission from Spain to Italy, Belgium, France and Austria that clearly dissipates post-announcement. Country-specific regressions of CDS spreads on systematic risk factors illustrate frequent days of large adverse shocks affecting simultaneously those same Eurozone countries during the pre-announcement period; but not afterwards. Altogether these findings support the view that market expectations during Eurozone crisis were at least partially self-fulfilling and ECB policy helped to contain such adverse dynamics. In the second essay we focus on European banks' sovereign bond exposures. By using a novel bank-level dataset covering the entire timeline of the Eurozone crisis, we first reconfirm that the crisi led to the reallocation of sovereign debt from foreign to domestic banks. This reallocation was only visible for banks as opposed to other domestic private agents and it cannot be explained by the banks' risk-shifting tendency. In contrast to the recent literature focusing only on sovereign debt. We show that the bank's private sector exposures were (at least) equally affected by a rise in home bias. Finally, we propose a new debt reallocation channel based on informational frictions and show that crisi-country debt was not only reallocated to domestic banks, but also to the informationally closer foreign banks. Our results imply that informational asymmetries among banks played a key role in the recent fragmentation across Eurozone debt markets. In the third essay, our investigation shifts towards political economy aspects of the relationship between sovereigns and domestic banks. We use date on the universe of credit extended over a 14 year period in Turkey to document a strong political lending cycle. We find that state-owned banks systemically adjust their provincial lending around local elections relative to the private banks in the same province. there is considerable tactical redistribution: state-pwned banks increase loans in politically competitive provinces with a current mayor aligned with the ruling party but reduce it in similar provinces with a current mayor from opposition.this effect only exists in corporate lending as opposed to consumer loans, suggesting that tactical redistribution targets job creation to increase electoral success. Such political lending also seems to influence real outcomes as the credit constrained opposition areas suffer a drop in economic output as measured by local construction activity.

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Yi, Junesuh Kim Moon K. "The impact of the short-short rule repeal on timing ability and other characteristics of mutual funds." Related Electronic Resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2003. http://wwwlib.umi.com/cr/syr/main.

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Lei, Sao Lai. "Banking on the internet : impact on customers and management." Thesis, University of Macau, 2001. http://umaclib3.umac.mo/record=b1636240.

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Tong, Sok Han. "Preliminary study on banking policies and practices in Macau." Thesis, University of Macau, 1997. http://umaclib3.umac.mo/record=b1636262.

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Boustanifar, Hamid. "Essays in financial economics." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-2087.

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Fischer, Andrew Martin. "Banking on the edge : towards an open ended interpretation of informal finance in the Third World." Thesis, McGill University, 1994. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=68088.

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This thesis proposes an original framework for the analysis of third world informal finance. It will be supported by a comprehensive survey of the associated literature. Specifically, most mainstream interpretations of informal finance adhere to a dualist paradigm that revolves around three key assumptions. First that informal firms are less efficient than formal firms in conducting financial transactions, second that their activities are protected from formal competition due to segmented financial markets, and finally that the economic impact of informal finance is inferior to an overall formal system. Yet much of the qualitative evidence of informal finance contradict these assumptions and limit the validity of dualist interpretations. The dualist conclusion that informal finance is a transitory phenomenon can therefore be derailed, leaving room for a more open ended interpretation of contemporary financial informality.

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Munene, Daniel. "Financial reforms and interest rate spreads in the commercial banking sector in Kenya." Thesis, Rhodes University, 2006. http://hdl.handle.net/10962/d1007711.

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Financial reforms were a major component of structural adjustment programs deemed necessary for developing countries in the mid 1980s. These were not only meant to improve the sector, but would ultimately enhance economic growth and help in poverty alleviation. At the top of these reforms was financial liberalisation. Kenya, like many other sub-Saharan African countries, undertook financial liberalisation in 1991, one of the measures was decontrolling interest rates. With market driven interest rates in place it was assumed that there would be increased efficiency in bank lending, as well as growth in credit availability as deposits increased. A key indicator of this improved intermediation process would be a narrowing interest rates spread, that is, the margin between the deposit and lending rate. Paradoxically, however, the expected benefits of these reforms did not accrue to Kenya's banking sector. This study focuses on financial reforms and the spread of interest rates in Kenya's banking sector. Using a trend analysis, spanning the period before and after liberalisation, interest rates spread are shown to have escalated dramatically upwards after liberalisation. An analysis of three macroeconomic variables, namely, the exchange rate, inflation rate and economic growth offer little, or inconclusive evidence, that they were the main causes of the wide interest rate spread. In fact, the spread is closely linked to institutional/structural factors such as non-competitiveness in the banking sector, imprudent lending practices and poor and/or inadequate banking supervision. Policies for improving the institutional infrastructure and thus moderating the spreads are highlighted.

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Vong, Iek Lam. "Banking efficiency and productivity growth in Hong Kong and Macau." Thesis, University of Macau, 2010. http://umaclib3.umac.mo/record=b2147737.

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Dissertations / Theses on the topic 'Economics ; Finance and Banking'

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