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Moura, Jorge Almiro Rodrigues Casal. "O que Mudou no Governo dos Bancos Europeus e Norte-Americanos com a Falência do Lehman Brothers?" Dissertação, Faculdade de Economia da Universidade do Porto, 2010. http://hdl.handle.net/10216/57167.
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Moura, Jorge Almiro Rodrigues Casal. "O que Mudou no Governo dos Bancos Europeus e Norte-Americanos com a Falência do Lehman Brothers?" Master's thesis, Faculdade de Economia da Universidade do Porto, 2010. http://hdl.handle.net/10216/57167.
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Alencar, André Luiz Siqueira. "Representação da falência do Lehman Brothers durante a crise financeira de 2008 em editoriais americanos e brasileiros: um enfoque crítico da gramática sistêmico-funcional." Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/21684.
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Conselho Nacional de Pesquisa e Desenvolvimento Científico e Tecnológico - CNPq
The objective of this dissertation is the critical analysis of the representation made by the media regarding the bankruptcy of Lehman Brothers, one of the largest banking institutions in the world, as well as the actors involved. There are always different ways of saying the same thing, and these modes are not accidental alternatives. Differences in expression bring ideological distinctions, and thus differences of representation. In the decade of 2008, the world went through an economic recession triggered by US mortgage lending, which led to bank failures, unemployment and rising poverty. Lehman Brothers’ bankruptcy is considered one of the most important milestones of the 21st century, equated only with the terrorist attacks of September 11. The analysis will be made in editorials of two newspapers: Folha de S.Paulo and The New York Times, with basic support of the Systemic-Functional Grammar (SFG). The SFG’s theoretical-methodological proposal makes it possible to relate the lexicographic choices of the text microstructure to the macro structure of ideology and force relations, establishing a link between social and individual, macro and micro, social and cognitive typology. This type of approach is especially useful in examining the discourse of different groups with specific ideological characteristics. For SFG, language has the function of constructing three meanings – or metafunctions: ideational (information), interpersonal (interaction) and textual (linguistic organization of metafunctions). SFG also involves Critical Linguistics, to which any aspect of the linguistic structure carries ideological significance – lexical selection, syntactic choice, etc. The research should answer the following questions: (a) How can ideational metafunction, through transitivity, construct the representation concerning Lehman Brothers bankruptcy? (b) What role do interpersonal metafunctions have, through modality and evaluativeness, in this process? The results show that the Brazilian editorial “Cada vez pior” describes and narrates the negative aspects of the crisis, however, without positioning against or in favor of the issue, while the American editorial “Wall Street Casualties” also describes and narrates, but suggests positive aspects of the collapse
O objetivo desta dissertação é a análise crítica da representação feita pela mídia com referência à falência do Lehman Brothers, uma das maiores instituições bancárias do mundo, bem como aos atores envolvidos. Há sempre modos diferentes de dizer a mesma coisa, e esses modos não são alternativas acidentais. Diferenças em expressão trazem distinções ideológicas, e assim diferenças de representação. Na década de 2008, o mundo passou por uma recessão econômica desencadeada pelos empréstimos hipotecários americanos, que acarretaram falências bancárias, desemprego e aumento da pobreza. A falência do Lehman Brothers é considerada como um dos marcos mais importantes do século XXI, igualado somente aos ataques terroristas de 11 de setembro. A análise será feita em editoriais de dois jornais: a Folha de S.Paulo e o The New York Times, com apoio básico da Gramática Sistêmico-Funcional (GSF). A proposta teórico-metodológica da GSF possibilita relacionar as escolhas léxicogramaticais da microestrutura do texto com a estrutura macro da ideologia e das relações de força, estabelecendo um elo entre o social e o individual, o macro e o micro, o social e o cognitivo. Esse tipo de abordagem é especialmente útil no exame do discurso de diferentes grupos com características ideológicas específicas. Para a GSF, a língua tem a função de construir três significados – ou metafunções: ideacional (informação), interpessoal (interação) e textual (organização linguísticas das referidas metafunções). A GSF envolve também a Linguística Crítica, para a qual qualquer aspecto da estrutura linguística carrega significação ideológica – seleção lexical, opção sintática, etc. A pesquisa deve responder às seguintes perguntas: (a) Como a metafunção ideacional, por meio da transitividade, pode construir a representação referente à falência do Lehman Brothers? (b) Que papel têm a metafunção interpessoal, por meio da modalidade e da avaliatividade nesse processo? Os resultados mostram que o editorial brasileiro “Cada vez pior” descreve e narra os aspectos negativos da crise, embora sem se posicionar contra ou a favor da questão, ao passo que editorial americano “Wall Street Casualties”, ao descrever e narrar, sugere aspectos positivos da derrocada
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Dragoun, Josef. "Nekonvenční monetární politika po krachu Lehman Brothers." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-202129.
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This diploma thesis is focused on unconventional monetary policy tools that individual central banks introduced into practise as a response to the global financial crisis. It is about quantitative easing policy, foreign exchange interventions with exchange rate commitment and negative interest rates. This thesis also deals with classical tools of monetary policy such as open market operations, discount tools, minimum requirement reserve or foreign exchange interventions. The aim of the thesis is to document the development of central banks policy and then to examine relationship of selected assets in comparison with balance sheet of Federal reserve systems with help of correlation coefficient. The thesis also deals with the thought how should behave in the zero lower bound environment and what are the pitfalls of unconventional monetary policy.
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Krutina, Michael. "Vývoj mezd v zemích OECD po pádu Lehman Brothers." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201853.
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I have targeted to analyze the patterns of wage development in the changing macroeconomic conditions. According to the expectations the evolution of nominal and real wages is inter alia positively affected by the changes in labor productivity and negatively influenced by the deviation of unemployment rate from NAIRU. The evidence of procyclical behavior of real wages is not very robust as there was not found significant correlation in the time of decreasing real GDP. The most of results of the models applied on post Lehman Brothers period are consistent with the regressions based on complete data set. The chosen data proved to be not very suitable to show the extent of wage rigidity. The significant negative relationship between the development of real wages and changes in inflation rate implies the visibility of symptoms of wage rigidities even when we work with average macroeconomic variables.
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Salloy, Suzanne. "Empirical Essays on Contagion during the Global Financial Crisis." Thesis, Paris Est, 2013. http://www.theses.fr/2013PEST0087.
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L'objectif de cette thèse est double : évaluer, mesurer et analyser les effets de contagion sur les banques américaines et européennes lors la crise financière globale de 2008-2009 et étudier les canaux financiers qui ont contribué à la propagation de la crise aux pays du G7. En suivant une approche microéconomique de la définition de la contagion, nous testons, premièrement, l'hypothèse d'un effet de « contagion » sur les marchés boursiers à l'aide de la méthode des études d'évènements. Nous qualifions ensuite la contagion de « contagion pure » ou de « contagion rationnelle ». Deuxièmement, nous testons l'hypothèse de « contagion » contre « interdépendance » sur le marché des dérivés de crédit avec les modèles de corrélations conditionnelles asymétriques dynamiques. En troisième lieu, nous cherchons à répondre à une question macroéconomique : quel choc joua le rôle majeur dans la transmission de la crise financière globale, celui dû à la pénurie de liquidité ou celui provoqué par la dévaluation des actifs financiers? Pour cela, nous analysons, à l'aide d'un modèle vectoriel autorégressif à paramètres qui varient dans le temps, l'effet de chaque choc, venu des États-Unis, sur les marchés monétaires et boursiers des pays du G7. Enfin, nous questionnons l'intérêt de la régulation Bâle 3 portant sur le capital des banques du point de vue des banques contaminées durant la crise financière globaleThe objective of this thesis is the twofold: to assess, measure and analyze contagion effects to American and European banks during the global financial crisis of 2008-2009 and to study the financial channels that contributed to the spread of the crisis to G7 countries. Following a microeconomic approach of the definition of contagion, firstly, we test the hypothesis of “contagion” on stock markets using the event study methodology. Then, we qualify it as “pure contagion” or “rational contagion”. Secondly, we test the hypothesis of “contagion” versus “interdependence” on credit derivative market using the asymmetric dynamic conditional correlations models. Thirdly, we aim to answer a macroeconomic issue: which shock played the major role in spreading the crisis from U.S. to money and stock markets of G7 countries, the shock due to liquidity shortage or the shock due to the devaluation of financial assets? We use a Time-Varying Parameters Vector-Auto Regression methodology. Finally, we provide insights into the impact of Basel III regulation of banks capital, by focusing on banks contaminated during the global financial crisis
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Tang, Wai Keong. "The time-series analysis for interactions among returns on S&P500, CSI300 and HSI before and after bankruptcy of Lehman Brothers." Thesis, University of Macau, 2010. http://umaclib3.umac.mo/record=b2148265.
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Carlsson, Christian. "The fall of Lehman Brothers : A literary overview of the internal and external factors that lead to the largest bankruptcy in history." Thesis, Umeå universitet, Nationalekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-114497.
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Sperens, Monica. "Krisen på Wall Street : En analys av sju artiklar från tidningen Affärsvärlden och fem artiklar från tidningen XINHUA om banken Lehman Brothers konkurs 17 september 2008." Thesis, Södertörns högskola, Institutionen för kommunikation, medier och it, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-10610.
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The crisis on Wall Street. This essay is a comparative study of how two business newspapers report on the bankruptcy of Lehman Brothers Holdings in September 2008. Seven articles from the Swedish European financial newspaper Affärsvärlden (Business World) and five articles from the Chinese-Asian news agency XINHUA FINANCE are examined. The aim is to analyze, understand and evaluate from a rhetorical perspective. My thesis is that rhetors storytelling can tell us more about how we cope with crisis in the global economic discourse. The texts can portray man as a narrative creature when identification as a rational actor is not enough. The analytical methods used are linguistic analysis with an emphasis on metaphor analysis, narrative analysis based on pentad - Critical dramatism, and discourse analysis with doxological outlook. The results show that both newspapers seek to defend the global economic discourse, but they do so in different ways. Affärsvärlden advocates calmness and conveys a cautious attitude. The heart of the crisis, as well as its solution, is on Wall Street. XINHUA advocates control and expresses confidence in authorities and the system. Asia is presented as Wall Street's savior.Krisen på Wall Street. Uppsatsen är en komparativ studie av hur två affärstidningar berättar om banken Lehman Brothers Holdings konkurs i september 2008. Materialet för undersökningen är sju artiklar från den svenska europeiska finanstidningen Affärsvärlden och fem artiklar från den kinesiska asiatiska nyhetsbyrån ZINHUA FINANCE. Syftet är att analysera, förstå och värdera situationen från ett retoriskt perspektiv. Tesen är att tidningarna (retorerna) kan visa oss, via sina texter, berättelserna om en kris i den globalekonomiska diskursen. Texterna kan visa människan som narrativ varelse där identifikationen som rationell aktör inte räcker till. Analysmetoderna som används är lingvistisk analys med störst vikt vid metaforanalys, narrativ analys utifrån pentaden - kritisk dramatism, samt diskursanalys med doxologisk utblick. Resultatet visar att båda tidningarna strävar efter att försvara den globalekonomiska diskursen, fast de gör det på olika sätt. Affärsvärlden manar till lugn opch visar en avvaktande attityd. Räddningen och krisens centrum finns på Wall Street. XINHUA visar på kontroll och tilltro till auktoriteter och systemet. Asien framställs som räddare åt Wall Street. Nyckelord: Retorik, lingvistisk analys, metaforanalys, Eubanks, narrativ analys, Pentden, Burke, diskurs, doxa, Lehman Brothers konkurs, 17 september 2008, Affärsvärlden, Xinhua Finance.
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Angeli, Andrea, and Cornelius Bonz. "Changes in the creditability of the Black-Scholes option pricing model due to financial turbulences." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34873.
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This study examines whether the performance of the Black-Scholes model to price stock index options is influenced by the general conditions of the financial markets. For this purpose we calculated the theoretical values of 5814 options (3366 put option price observations and 2448 call option price observations) under the Black-Scholes assumptions. We compared these theoretical values with the real market prices in order to put the degree of deviations in two different time windows built around the bankruptcy of Lehman Brothers (September 15th 2008) to the test. We find clear evidences to state that the Black-Scholes model performed differently in the period after Lehman Brothers than in the period before; therefore we are able to blame this event for our findings.
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Li, Ma. "Essays on Mutual Funds and Fund Managers." Doctoral thesis, Humboldt-Universität zu Berlin, 2018. http://dx.doi.org/10.18452/19361.
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Die vorliegende Dissertation besteht aus drei Kapiteln über die Investmentfonds. Das erste Kapitel befasst sich mit der Rolle der Fondsmanager in der Bilanzverschönerung. Auf Basis der Analyse der Karrierewege von amerikanischen Fondsmanagern werden signifikante zusammenwirkende Manager-Fixed-Effects identifiziert, die nach der Kontrolle der endogenen Matching-Probleme immer noch robust sind. Die geschätzten Manager-Fixed-Effects haben signifikante Einflüsse auf die Out-of-Sample-Vorhersagen. Außerdem wird festgestellt, dass die Verriegelungen der Investmentfonds, die von gemeinsamen Managern verwaltet wurden, wichtige Kanäle für die Bilanzverschönerung verursachen. Das zweite Kapitel beschäftigt sich mit den Investmentstrategien der Fonds im Hinblick auf die Nutzung von Credit Default Swaps (CDS). Die Zuordnung der CDS-Positionen der Investmentfonds zu ihrem Bestandportfolio bietet eine neue Methodik zur Identifizierung der CDS-Strategien und kompensiert somit die Analysen der existierenden Literatur auf der Makroebene. Die Ergebnisse zeigen, dass die Anreize zur Risikoreduzierung die Spekulationsanreize dominieren, insbesondere, wenn die Kreditexposition durch ungedeckte Leerverkäufe der CDS-Verträge erhöht wird. Die erfahrenen Fondsmanager tendieren dazu, mehr Kreditrisiko in Kauf zu nehmen, während es für die Fondsmanagerinnen wahrscheinlicher als für ihre männlichen Kollegen ist, gegen das bestehende Risiko abzusichern. Der letzte Teil nimmt die Pleite von Lehman Brothers unter die Lupe, um sich mit der daraus resultierenden unerwarteten Schließung der CDS-Positionen als einem natürlichen Experiment auseinanderzusetzten. Diese Studie dient zur Untersuchung der Risiko- und Leistungsimplikationen der CDS-Investments der Fonds. Die Investmentfonds besitzen bei ihren CDS-Transaktionen im Durchschnitt einen beachtlichen Teil Extremrisiko. Während die CDS-Nutzer von guten Gesamtmarktlagen profitieren, erleiden sie unter Verlusten bei geclusterten Ausfällen.This dissertation comprises of three chapters on mutual funds. The first chapter establishes the role of managers in the deceptive practice of window dressing. Employing comprehensive career history of U.S. mutual fund managers, I find strong jointly significant manager fixed effects, which are robust after addressing endogenous matching concerns. The estimated manager fixed effects are significant in making out-of-sample predictions. Further I establish that mutual fund interlocks through common managers are important channels that spread window dressing. The second chapter studies the investment strategies of mutual funds regarding their use of credit default swaps (CDS). Matches between mutual funds’ CDS positions and their underlying portfolio in the holdings facilitate a new approach in identifying CDS strategies that complements the “macro” level analyses in the existing literature. I find risk reducing incentives are dominated by speculative incentives, especially those to increase credit exposure via naked short CDS contracts. Experienced fund managers tend to take on more credit risk, while female managers are more likely to hedge comparing with their male peers. The third chapter employs the collapse of Lehman Brothers and the resulting sudden closures of CDS positions as a natural experiment to examine the risk and performance implications of mutual funds’ CDS investments. Funds on average load up on a significant amount of tail risk by trading CDS. While CDS users benefit when market conditions are favorable, they suffer during periods of clustered defaults.
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Dias, dos Santos Andreia, and Aiste Kuodyte. "Analysis of the Financial Crisis through Leadership Perspective." Thesis, Linnaeus University, Linnaeus School of Business and Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-5862.
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Purpose of this Master thesis is to analyze, understand and evaluate current financial crisis from the leadership perspective. In order to achieve this aim we made literature analysis, conducted interviews, analyzed failure case of Lehman Brothers and case of NYSE Euronext Lisbon. Furthermore, we created a questionnaire which was sent to the biggest companies in Europe. According to our investigation, we found out that the most suitable methodological view for our research is a combination of analytical and system views. Analysis of our findings shows that financial crisis was highly caused of the failure of leadership in the financial sector. We found out that leaders have to be aware of these main problems: nowadays word is extremely interconnected and one variable can affect the whole system, huge short-term returns cannot marginalize long-term foresight, risk has to be measured and estimated, leaders has to pay a lot of attention to their strategies, plan, rethink and if it is necessary reshape them. Moreover, leaders now face more and more challenges: they have to react at the moment, to deal with world full of paradoxes and to take actions in order to increase level of confidence which creates more and more instability and chaos in the society.
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Gaspar, Raquel Sofia Neves. "The failure of Lehman Brothers : how did the collapse affect the banking system in the U.S.?" Master's thesis, 2020. http://hdl.handle.net/10400.14/31112.
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This paper identifies more than 200 U.S. commercial banks and addresses two explicit research questions: First, did Lehman's collapse impact the U.S. banking system, and second, did the impact of Lehman's failure vary with a broad set of bank performance characteristics, namely risk profile, capital level/adequacy and leverage? These questions are central to understanding how the collapse affected the banking system and why some banks were affected to a much greater extent. Based on an event study structure, the outcomes provide evidence in support of size heterogeneity and unravel that the collateral damages from the collapse were discriminatory toward the largest banks. Additionally, the results support the hypothesizes that low risk and better capitalized banks were in an improved position to face negative shocks that materialized to bank value during LB’s bankruptcy. Indeed, despite the uncertainty observed during the days surrounding the bankruptcy announcement, market participants were able to make rational decisions regarding their investments in a way that is relatively consistent with fundamentals. This “discrimination” towards certain banks is an argument against the theory that investors panicked and started discarding assets indiscriminately and acts in favor of the “information-based transmission” theory, which defends that markets participants were able to discriminate and arbitrage.Este artigo identifica mais de 200 bancos comerciais dos EUA e aborda duas questões específicas de pesquisa: primeiro, será que o colapso do Lehman Brothers impactou o sistema bancário dos EUA e, em segundo, será que este impacto variou consoante um conjunto de características de desempenho bancário, tais como: perfil de risco, nível de capital e alavancagem. Estas questões são fundamentais para compreender como é que o colapso afetou o sistema bancário e o porquê de alguns bancos terem sido mais afetados. Com base na estrutura de estudo de eventos, a análise empírica evidencia que os danos colaterais foram limitados aos maiores bancos comerciais, confirmando evidência de um impacto heterogéneo no que diz respeito ao tamanho. Além disso, os resultados comprovam a premissa de que os bancos caracterizados por um perfil de risco baixo e melhor capitalizados, se encontravam numa posição mais favorável para resistir aos impactos negativos que se materializaram durante a falência do Lehman. Apesar do clima de incerteza que se fazia sentir, os investidores foram capazes de tomar medidas racionais em relação aos seus investimentos, que se demonstraram consistentes com as características de desempenho bancário em análise, apoiando assim, a teoria da “transmissão baseada em informações”. Esta “discriminação” em relação a certos bancos, apresenta-se como um contra-argumento à teoria que defende o pânico e o comportamento irracional dos investidores no período em torno da falência do Lehman Brothers.
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Polito, Rodrigo Reis Nobre. "The bankruptcy of Lehman Brothers." Master's thesis, 2014. http://hdl.handle.net/10071/9293.
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JEL Codes: E44, G01, G21, G33This study has the objective of analyzing the bankruptcy of Lehman Brothers, in an attempt to discover and prevent new failures of such magnitude, and to discover what were the causes, and its respective role, in this bankruptcy. How the financial crisis affect this old investment bank, and the role of new investments and financial instruments like CDO, CDS, Synthetic CDO and other ABSs. Also, the role of the real estate bubble and how Lehman acted in this bubble, and consequent burst of it. Together, with an analyzes of the role of risk and how to manage it, and moral hazard and its dangerous role to the financial market, in special financial firms.
Este estudo, tem como objectivo a análise dos diferentes factores que levaram à falência da Lehman Brothers, numa tentativa de descobrir e prevenir novas falências, de magnitude semelhante e de descobrir as suas causas, bem como os respectivos papéis nesta falência. Por um lado, tentamos perceber como a crise financeira afectou este antigo banco de investimento e o papel dos novos investimentos, instrumentos financeiros, como: CDO, CDS, Synthetic CDO e outros ABSs. Por outro lado, o papel da bolha imobiliária e como esta agiu na Lehman e seu consequente rebentamento. Desta forma realizámos uma análise do papel do risco e como geri-lo, do risco moral e o seu papel perigoso no mercado e instituições financeiras.
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Hsu, Jen-chih, and 許仁誌. "The Impacts of Lehman Brothers’ Bankruptcy on Taiwan’s Mutual Funds." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/38311494325153476537.
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碩士東吳大學
企業管理學系
98
The bankruptcy of Lehman Brothers is the largest bankruptcy filing in the U.S. history. It was not only considered as the greatest crisis challenging the U.S. financial system ever since the great recession, but it has also caused severe financial turbulence and chain reactions that triggered the global financial tsunami. The event has caused considerable global macroeconomic effects. The population of mutual fund investors in Taiwan is increasing in size given that people are more open minded towards investments and that the concept of wealth management is gaining considerable popularity. The various mutual funds by category of region, type and underlying investment issued by domestic securities investment trust firms offer general investors more convenient and flexible investment tools, while at the same time allowing local investors to invest globally. In recent years, the level of global economic and financial interactions is seen increasing. Fluctuations in the global financial markets are becoming more significantly correlated to factors such as increasing complexity in the global financial environment, frequency of change in information and much reduced time in information transmission. Mutual fund investors shall be highly aware of risks they are undertaking and be appropriately informed of risk control measures given the increasing impacts of globalization and the level of risks involved following more severe market fluctuations. The purpose of this study is to discuss the related impacts of the bankruptcy of Lehman Brothers on Taiwan’s mutual funds. The empirical results of this study are as follows: During the periods before and after the bankruptcy of Lehman Brothers, the net worth of the respective mutual funds studied showed certain fluctuations. However, the empirical study indicated that the majority of the mutual funds showed insignificant abnormal returns, but significant cumulative abnormal returns. The Beta coefficient of the majority of mutual funds showed significant fluctuations during the periods before and after the event.
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Sousa, José Eduardo Fernandes Vilamonte Figueira de. "Questões relacionadas com a informação paralelismo com o caso Lehman Brothers." Master's thesis, 2013. http://hdl.handle.net/10400.14/17660.
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Chao, Chia-Man. "Lehman Brothers’ financial crisis : the nation’s largest collapse of an investment bank." Thesis, 2010. http://hdl.handle.net/2152/ETD-UT-2010-05-1479.
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On September 15, 2008, Lehman Brothers filed for bankruptcy causing the
meltdown of the fourth-largest American investment bank that shocked the financial industry and caused major damage to the world’s economy. This paper examines the situation leading to the bankruptcy of Lehman Brothers and identifies the key publics in the financial crisis. In addition, this paper examines the communications and relationships Lehman Brothers had with its key publics during the crisis from the perspective of the Excellence theory. The facts and evidence of the case of Lehman Brothers’ bankruptcy that are presented in this paper are sourced from news releases, congressional hearing reports, examiner’s reports on Lehman Brothers’ bankruptcy filing, Lehman Brothers’ earning reports, conference calls, and press releases. Finally, this paper will provide recommendations on dealing with crises based on Excellence theory and the opinions of public relations practitioners.text
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Hsieh, Chien Yuan, and 謝界源. "Research On The Changes Of US Investment Bank Management─ A Case Study On Lehman Brothers." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/32698433298519206830.
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碩士嶺東科技大學
國際企業研究所
98
Lehman Brothers, a global investment bank headquartered in the United States, is a leading financial firm of the world with respect to enterprise financing and consultation, securities trading, and sales. Following the subprime lending crisis erupting in summer, 2007, Lehman Brothers saw its assets depreciated dramatically in relation to the huge collateral securities held by Lehman Brothers over the past decades. Lehman Brothers was forced to solicit buyers all over the world but was unable to conclude the deal at all Korean development bank rejected Lehman’s offer. Then, the Bank of America and Barclay Bank refused to merge Lehman Brothers shortly after the US government refused to guarantee the acquisition. Faced with the desperate situation, Lehman Brothers resorted to filing bankruptcy eventually. This study concentrates on the changes of US investment bank management with emphasis on Lehman Brothers and has found the following: (1)Lehman Brothers has pursued wealth most greedily and has thus brought an end to itself. Human beings establish systems with their reasonability. Then, greed destruct the systems under the pretext of innovation. The hunger for wealth, or greed, erupts and causes financial innovation to collapse. Once again, the history proves the uncontestable truth – those who play with fire will be burned down by fire. (2)Lehman Brothers’ bankruptcy mirrors the laissez-faire prevailing throughout the US financial supervision authorities. Secondly, the financial supervision authorities are to blame for the absence of vigilance towards the risks associated with derivative financial product development. (3)Lehman Brothers’ bankruptcy has justified an open, competitive, and unified market economy is the only assurance for the optimal allocation of resources. Guided by the market competition, the resources will flow to the most efficient enterprises thereby retains the good in the market and get rid of the bad from the market in the long run.
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Kuo, Huei Ping, and 郭惠萍. "The Impact of the Bankruptcy of Lehman Brothers on the Stock Returns of US Financial Institutions." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/82245187264273732530.
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碩士國立政治大學
財務管理研究所
97
We examine the contagion effect of Lehman Brother’s bankruptcy on US financial institutions’ stock returns. Our results show that financial institutions which held Lehman’s shares were affected more significantly. Furthermore, within Lehman’s shareholders, commercial banks and investment banks were affected most significantly, and impacts on investment banks were more significantly than commercial banks. We also find that the higher financial institution’s ownership percentage of Lehman was, the more its stock price was affected. Besides, some smaller financial institutions were also influenced significantly in some events, to some extent, implying a contagion effect in the financial sector. Our empirical results also indicate that the way that US government not to rescue Lehman Brother was perceived by the market that no financial institutions are too-big-to-fail.
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Wu, Shu-Yao, and 吳姝瑤. "The Effect of Financial Tsunami in American Financial Industry：The case of Bear Stearns & Lehman Brothers." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/51803533519815323490.
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碩士國立交通大學
管理科學系所
98
Based on the examples of Bear Stearns and Lehman Brothers, this research adopted the events study analysis to study the impact of Financial Tsunami in the U.S. stock market financial industry. The Bear Stearns and Lehman Brothers’ critical events 9 days were chosen to test its abnormal return to the United States financial institutions and industries in accordance with different sub-categories for the study 521 listed companies were categorized into seven major types of samples by industries. The companies were also classified into two event groups, crisis group and rescue group. The empirical results show that the U.S. financial stocks have significant abnormal returns on the critical events of Bear Stearns and Lehman Brothers, and three industry categories, Major Group 60（Depository Institutions）, Major Group 61（Non-depository Credit Institutions）, and Major Group 62(Security and Commodity Brokers, Dealers, Exchanges, And Services), are strongly affected. In event category, there are negative abnormal return in crisis events and positive abnormal return in rescuing events. The impact is distinct in different industries and different types of categories of events declared. In addition, the effect of different sub-categories in financial industry is significant on cumulative abnormal returns of different event groups.
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Kuo, Chia-Hsien, and 郭佳憲. "The Dynamic Analysis of Implied Default Probabilities and Recovery Ratios: A Case Study of Lehman Brothers Bankruptcy." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/67043590756203831148.
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碩士國立高雄第一科技大學
金融理財研究所
97
In this paper, dynamic analysis approach is applied to study the variation of implied default probabilities and recovery ratios in risk neutral way when Lehman Brothers declare bankruptcy from the period of 2007-2008 as the breakpoint. Based on the reduce-form model of modified by Andritzky (2005) , this approach divides bonds of Lehman Brothers into four groups classified by different priority claims and assumes that the recovery ratios are exogenous and endogenous respectively for study restrictions in order to compare the difference of implied default probabilities and recovery ratios under different conditions. The empirical results show that transitions of parameters in model matching the credit events aroused by Lehman Brothers allow the period analysis into four levels. The bonds with lower priority claims change the default probabilities larger in early times; the long-term cumulative default probabilities have effects of parameters in model with significance than the short-term. Under the assumption of endogenous recovery ratios, the default probabilities fluctuates obviously than exogeneity and the theoretical value of the model is closer to market value. The expected recovery ratios are above 80% in the initial period to an average of 10% after default.
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Santos, Rafaela Vieira. "Análise dos processos de framing na cobertura jornalística de escândalos bancários - O caso do BES, Lehman Brothers, HSBC." Dissertação, 2017. https://repositorio-aberto.up.pt/handle/10216/108917.
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Santos, Rafaela Vieira. "Análise dos processos de framing na cobertura jornalística de escândalos bancários - O caso do BES, Lehman Brothers, HSBC." Master's thesis, 2017. https://repositorio-aberto.up.pt/handle/10216/108917.
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Pereira, Dirceu Rodolfo Coelho. "Financial contagion in the BRICS stock markets: an empirical analysis of the Lehman Brothers collapse and European sovereign debt crisis." Master's thesis, 2017. http://hdl.handle.net/1822/46517.
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Dissertação de mestrado em Economia Monetária Bancária e FinanceiraPurpose – The purpose of this research is to analyze and extend the study of contagion for BRICS Emerging Stock Markets in the context of the last two international financial crises: the Lehman Brothers Bankruptcy Crisis and the European Sovereign Debt Crisis. We investigate changes in the relationship and the co-movements between BRICS markets in response to international shocks that are originated in advanced markets like USA and Europe. Methodology approach – Employing data of daily stock market indices of BRICS countries, this research tests for contagion, examining the interactions and characteristics of price movements of BRICS stock markets by applying a three-step Methodology: cointegration analysis, causality and VECM/Gonzalo-Granger statistic and variance decomposition methodology on stock returns as a measure of perceived country risk. Findings – The results exhibit that both long-run cointegration relationships and short-run Granger causality relationships patterns exist between BRICS stock markets. Furthermore, these relations have drastically changed (amplified) during turbulent periods compared with tranquil period, pointing towards the occurrence of contagion phenomenon among BRICS markets during the last two crises. These results suggest that the benefits of portfolio diversification were significantly decayed during both crises and, consequently, diversification was not beneficial during either crisis. Implications – The findings imply an increasing degree of global market integration due to quick dissemination of global shocks originating from the USA and the Euro Zone, and swift recovery which can be attributed to the increased resilience, consistent with the moderated level of domestically driven risk in the BRICS markets. Moreover, the results bring major implications for international portfolio diversification and policy makers, since these markets serve as an important alternative investment destination for global portfolio diversification. Furthermore, changes in the USA and the Euro Zone indices affect BRICS stock markets in the short-run, which implies that these markets may act as a leading indicator for investing in BRICS markets.
Objetivo - O objetivo desta pesquisa é analisar e estender o estudo do contágio para os Mercados Emergentes dos BRICS, no contexto das duas últimas crises financeiras: a crise originada pela falência do Lehman Brothers e a crise das Dívidas Soberanas na Zona Euro. São analisadas as mudanças no relacionamento e os movimentos nos mercados de ações dos BRICS em resposta a choques internacionais provenientes de mercados desenvolvidos (EUA e a Europa). Metodologia - Utilizando os dados diários dos índices de ações dos BRICS, o contágio é testado, examinando as interações e as características dos movimentos de preços destes mercados, aplicando uma metodologia em três passos: análise da cointegração, causalidade e estatística VECM/Gonzalo-Granger e a metodologia de decomposição da variância para os retornos de ações como uma medida de perceção do risco país. Resultados - Os resultados exibem as relações de cointegração de longo prazo e os padrões de relacionamento de causalidade de curto prazo entre os BRICS. Estas relações foram fortemente amplificadas durante os períodos turbulentos em comparação com os períodos tranquilos, apontando para a ocorrência do fenómeno de contágio entre os BRICS durante as duas últimas crises. Revelando assim, uma significativa deterioração dos benefícios de diversificação em ambas as crises e, consequentemente, uma diversificação pouco benéfica para os investidores. Implicações - As conclusões inferem um crescente grau de integração global dos mercados devido à rápida disseminação de choques globais originários dos países desenvolvidos, assim como, uma rápida recuperação que pode ser atribuída ao aumento da resiliência, consistente com o nível moderado de risco nacional dos BRICS. Os resultados trazem importantes implicações para a diversificação de investimentos e para os decisores políticos, uma vez que, os mercados de ações dos BRICS servem como um importante destino de investimento alternativo para a diversificação de portfolios globais. Evidenciam também, que alterações nos mercados de ações americanos e europeus afetam os BRICS no curto prazo, o que sugere que estes mercados podem atuar como um indicador de liderança para o investimento nos mercados de ações dos BRICS.
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Huang, Shih-hung, and 黃士洪. "Research to Financial Arbitration System of R.O.C.─By case of the procedure to resolve the disputes in the transaction of Lehman Brothers structured note." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/64295434883849717041.
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Sung, Hui-Mei, and 宋慧美. "Dynamic Conditional Correlation among Stock Indices During and After the Period of American Lehman Brothers Collapse: Evidence from China, Hong Kong, Taiwan and Singapore." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/81685773215242291064.
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碩士銘傳大學
財務金融學系碩士在職專班
101
The purpose of this paper is to investigate dynamic changes of the volatilities among stock indices in China, Hong Kong, Taiwan and Singapore during and after the period of American Lehman Brothers collapse on September 15,2008.Using sample data from September 1, 2004 to August 31, 2012, this study applies the Dynamic Conditional Correlation Multivariate GARCH model proposed by Engle (2002) to estimate the volatilities of markets themselves and the dynamic conditional correlations between different markets. The empirical results show: (1) During the period of Lehman''s incident, the short-run volatilities of every market is unaffected and the reason is likely to be the financial markets and work closely linked. When Lehman''s share price fell on September 9, 2008, the response is complete one after another within a short period, and quickly returned to original levels.The short-run dynamic correlations between different markets are in a declining trend.Neither the correlations nor the margin of change has consistency before and after the event. (2) After American Lehman Brothers collapse, the long-run volatilities of stock markets in all countries enlarged significantly,there is an upward trend in ; the long-run dynamic correlations between fluctuations in the market, with Taiwan and China, Singapore and China, Taiwan and Hong Kong stock markets changed significantly, there is a rising trend and positive related.