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Articles 1 - 13 of 13
Full-Text Articles in Business
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
Elisabeta Pana
Using 189 commercial bank mergers between 1997 and 2004, we document a positive impact of the merger activity on bank liquidity creation. Consistent with the deposit insurance hypothesis, we find that banks with higher levels of deposit insurance create higher levels of liquidity around mergers. Furthermore, we document that the level of equity capital explains the change in liquidity creation around mergers for the sample of large acquirers. We show that for the sample of small acquirers there is a negative relationship between the level of economic growth and changes in liquidity creation around mergers.
Out Of The Black Hole: Regulatory Reform Of The Over-The-Counter Derivatives Market, Michael Greenberger
Out Of The Black Hole: Regulatory Reform Of The Over-The-Counter Derivatives Market, Michael Greenberger
Michael Greenberger
Unregulated OTC derivatives have been at the heart of recent systemic or near systemic collapses. After each financial crisis, governments worldwide proclaim that the OTC market has to be regulated for transparency, capital adequacy, regulation of intermediaries, self regulation, and strong enforcement of fraud and manipulation. But, aided by the passage of time, Wall Street always deflates those aspirations with aggressive lobbying. The present financial reform regulatory effort may be the only chance to get this issue right before the country devolves into a further financial quagmire with more bankruptcies and more job losses. This paper is a chapter of …
A New Look At Mutual Fund Performance, Laurie Prather, William Bertin, Thomas Henker
A New Look At Mutual Fund Performance, Laurie Prather, William Bertin, Thomas Henker
Thomas Henker
This study goes beyond the scope of the typical analysis of mutual fund performance by considering a broader set of fund-specific factors uniquely categorized in terms of their impact on returns. Also unique to this study is a detailed exposition of the linkages between fund characteristics and performance. Traditional regression techniques explore these relationships in an attempt to predict fund performance, while the sample of funds examined is screened for survivor bias in a non-conventional fashion. The results suggest that our unique categories of fund popularity, agility, and growth, as well as the standard cost and managerial factors are relevant …
Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven Dolvin, Bradford Jordan
Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven Dolvin, Bradford Jordan
Steven D. Dolvin
IPO underpricing has been extensively studied; however, its impact on the wealth of preexisting shareholders has not been closely examined. We address the question of whether or not periods of high underpricing adversely affect preexisting shareholders. We find that high levels of underpricing are associated with increased share retention, which effectively offsets much of the potential cost. Overall, we find that the percentage of shareholder wealth lost is surprisingly stable over time, unlike underpricing itself. We also find that many factors known to be related to underpricing are not significant determinants of the cost of going public to preexisting owners.
Nasaba Convention 2010, Karen Ahmed
Updating Traditional Trade Direction Algorithms With Liquidity Motivation, William Bertin, David Michayluk, Laurie Prather
Updating Traditional Trade Direction Algorithms With Liquidity Motivation, William Bertin, David Michayluk, Laurie Prather
Laurie Prather
Trade-direction algorithms play an important role in traditional studies of market microstructure and in understanding the market for immediacy. This paper examines the underlying definition of trade origination and proposes a new liquidity motivation (LM) method to classify individual trades using orders. This LM model represents a unique alternative to the traditional algorithms used in most microstructure research. Using the NYSE TORQ database, LM trade classifications are compared with traditional methods for classifying trade direction. We document systematic biases resulting from the conventional algorithms and provide an alternative liquidity-based classification method that captures the actual behavior of market participants.
Chicago Microfinance Conference 2010, Karen Ahmed
Chicago Microfinance Conference 2010, Karen Ahmed
Karen Hunt Ahmed
No abstract provided.
The Chicken Or The Egg? The Trade-Off Between Bank Non Interest Income And Net Interest Margins, Barry Williams, Gulasekaran Rajaguru
The Chicken Or The Egg? The Trade-Off Between Bank Non Interest Income And Net Interest Margins, Barry Williams, Gulasekaran Rajaguru
Gulasekaran Rajaguru
This study considers the time series relationship between bank non interest income and bank net interest margins in Australia using panel vector autoregressions. It is found that increases in bank non interest income are being used to supplement decreases in net interest margins, but that the magnitude of the increase in non interest income is smaller than the decrease in net interest margins. It is also found that increases in non interest income predate declines in margin income, suggesting that Australian banks were pro-active in the process of disintermediation. The agency risks of increased bank non interest income are explored …
Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana
Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana
Elisabeta Pana
This study examines the survival of small banks with commercial real estate concentrations over the 2006-2009 period. Using data on 4646 banks, I document that commercial real estate loan concentrations increase the hazard of disappearance. The analysis of bank-specific factors reveals that bank capitalization, liquidity, and asset quality play a significant role on bank survival. I also find evidence that small banks in the Pacific Southwest and South Atlantic regions are less likely to survive as separate entities.
Momentum (Part 3 Of 3), Bruce Vanstone
Momentum (Part 3 Of 3), Bruce Vanstone
Bruce Vanstone
Extract:
This article is part 3 of a 3‐part series. In this final article, I will summarize the key characteristics of investing using momentum based approaches. I will also discuss some approaches to managing risk in momentum models, and the benefits investors expect when investing with rules‐based funds.
Momentum (Part 2 Of 3), Bruce Vanstone
Momentum (Part 2 Of 3), Bruce Vanstone
Bruce Vanstone
Extract:
This article is part 2 of a 3‐part series. In this article, I will focus on using simulations to demonstrate the potential risks and rewards of the momentum approach. In the final part of the series, I will discuss the way in which investors can benefit from rule‐based approaches to investment.
Globalization And Economic Integration: Winners And Losers In The Asia-Pacific
Globalization And Economic Integration: Winners And Losers In The Asia-Pacific
Ahmed Khalid
‘Noel Gaston and Ahmed M. Khalid’s volume offers fascinating insights on the development, causes, and consequences of globalization in the Asia-Pacific. The outstanding collection of articles combines theory with rigorous econometrics, making the book a must-read for every student of globalization. At a time where the global crisis gave new arguments to the critics of globalization, the questions raised in this book, and the answers given, are essential reading for academics and politicians alike.’ – Axel Dreher, University of Goettingen, Germany Given the importance of globalization in today’s world, this salutary and timely book explores how globalization is specifically shaping …
Momentum (Part 1 Of 3), Bruce Vanstone
Momentum (Part 1 Of 3), Bruce Vanstone
Bruce Vanstone
Extract:
The purpose of this 3‐part series of articles is to provide information about the potential benefits of momentum investing. In this series, I will try and explain what momentum is, the potential returns available to momentum investors, and the way that the Porter Capital Management combine mechanical, rules‐based strategies with the momentum effect to deliver benefits to investors.